News Column

KSE sheds 352 points on sharp rupee depreciation

August 26, 2014



Stocks fell across the board on institutional profit-taking amid rising political noise and protests across the country following PTI resignations from National and Provincial assemblies, equity expert observed here on Monday.

KSE benchmark 100-index misplaced 352.41 points or 1.22 percent to end the day at 28519.34 points compared to 28871.75 points of the last working day on Friday.

Samar Iqbal AVP Equity Sales at Topline Securities said KSE-100 index declined by 1.24pc, market fell due to ongoing political uncertainty coupled with sharp Pak Rupee depreciation.

PAEL remained volume leader with 18.8m shares (22pc of total volume traded) after better than expected June quarter result announcement, she added.

KSE-Allshare index off by 246.66 points or 1.17 percent to close the day at 20871.67 points, KSE-30 index reduced by 257.15 points or 1.28 percent to conclude the trading at 19880.15 points while KMI-30 index shed 603.64 points or 1.28 percent to stop the trading at 46440.60 points.

Analysts said dismal current account data showing $454m deficit for Jul'14, expected fall in remittances due to ongoing political deadlock and major rupee instability for a week played a catalyst role in bearish activity at KSE.

The day of turn of market in term of shares was 82.522 million shares after opening at 68.009 million shares and the value of traded shares climbed to Rs 3.986 billion from Rs 3.751 billion. The capitalisation of the local equity market maintained at Rs 6.681 trillion compared to Rs 6.760 trillion of the previous session.

Trading took place in 308 companies where 218 closed in negative and 71 in green while the value of 19 stocks remained intact. Wyeth Pak Ltd was the biggest price gainer of the day up by Rs 152.57 to Rs 3204.18 followed by Khyber Tobacco up by Rs 12 to Rs 335. Rafhan Maize Spot and Nestle Pak were the biggest price losers of the day decreased by Rs 53 to Rs 10922.50 and Rs 50 to Rs 7450.

Active list was topped by Pak Electron Ltd with 18.827 million shares as it closed at Rs 30.80 after opening at 30.15. It was followed by Bank of Punjab with 6.851 million shares off by Re 0.05 to Rs 8, Lafarge Pak with 5.166 million shares fell by Re 0.20 to Rs 15.05, Maple Leaf cement with 3.448 million shares reduced by Re 0.25 to Rs 26.80 and JS Co with 2.942 million shares off by Re 0.22 to Rs 8.18.


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Source: Nation (Pakistan)


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