News Column

Uncertainty chops another 432pts off KSE index

August 28, 2014



Stocks fell across the board on Wednesday amid political deadlock. The KSE benchmark 100-share index lost 432.34 points or 1.53 per cent to end the trading at 27811.35 points as compared to 284243.59 points of the previous day.

Samar Iqbal, AVP at Topline Securities, said different rumors about the political setup once again affected the share prices. The market fell by 1.55% and in last 3 days declined by 3.7% due to ongoing crises.

Lucky Cement closed at lower limit of 5% amid institutional selling while Pakistan Petroleum Limited announced June quarter result as per expectations, she added.

KSE-allshare shed 253.24 points or 1.23 per cent to end the trading at 20417.53 points, KSE-30 shed 332.46 points or 1.69 per cent to stop the day at 19365.10 points, while KMI-30 went down by 651.07 points or 1.41 per cent to finish the trading at 45374.53 points.

Market traded 132.312 million shares after opening at 76.419 million shares and the value of traded shares climbed to Rs 6.802 billion from Rs 4.636 billion. The capitalization of the market maintained at Rs 6.535 trillion as compared to Rs 6.617 trillion of a day earlier. Fall in banking spreads to 5.95pc in Julyí14, Rs 700b estimated loss on political crises, investors concerns on deadline given by PAT and reluctance from foreign investors despite record bullish global stocks played a catalyst role in bearish activity at KSE despite Supreme Courtís ruling on refund of GIDC terming it unconstitutional since Decí11, an analyst observed here.

Trading took place in 345 companies where 79 closed in green and 246 in red while the values of 20 stocks remained intact. Wyeth Pak Ltd and Rafhan MaizeXD were the biggest price losers of the day, decreased by Rs 164.27 to Rs 3200.11 and Rs 92.50 to Rs 10700. Nestle Pak and Murree Brewery were the top price gainers of the day, increased by Rs 100 to Rs 7500 and Rs 45.97 to Rs 974.30.

Active list was topped by TRG Pak LtdXR with 8.197 million shares, grew by Re 0.31 to Rs 10.06. Pak Elektron was the second highest on volume chart with 7.695 million shares, off by Rs.1.14 to Rs 28.36. It was followed by Maple Leaf Cement with 7.680 million shares, reduced by Re 0.85 to Rs 25.54, BOP with 6.825 million shares, decreased by Re 0.09 to Rs 7.91 and K-Electric with 6.187 million shares, off by Re 0.21 to Rs 6.74.


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Source: Nation (Pakistan)


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