News Column

KSE sheds 293 points on panic selling

August 7, 2014



Panic selling witnessed at KSE amid thin trade on rising political uncertainty ahead of 14th August march against 2013 general elections rigging and destabilising demands by major political leaders.

Karachi stock market benchmark shed 293.44 points or 0.99 percent to end the day at 29382.97 points compared to 29676.41 points of the previous day.

Equity expert said uncertainty in global stocks and institutional consolidation in overbought stocks after major earning announcements played a catalyst role in bearish sentiments.

Concerns for rising circular debt in energy sector, deteriorating geo-political situation, dismal fertilizer sales data for Julí14 played a catalyst role in bearish activity despite strong earning announcements in oil & banking sectors, he added.

KSE-Allshare index off by 262.99 points or 1.20 percent to stop the trading at 21588.52 points, KSE-30 index misplaced 197.27 points or 0.95 percent to stop the trading at 20483.46 points while KMI-30 index reduced by 372.74 points or 0.78 percent to conclude the session at 47466.24 points.

Trading took place 339 companies where 64 closed in green and 254 in negative while the value of 21 stocks remained intact. Nestle Pak was the biggest price loser of the day decreased by Rs 150 to Rs 7600 followed by Pak Tobacco down by Rs 57.74 to Rs 1097.25. Wyeth Pak Ltd and Shezan Inter were the biggest price gainers of the day up by Rs 56.28 to Rs 3296.33 and Rs 28.69 to Rs 990.

Volume declined to 97.408 million shares from 132.767 million shares and the value of traded shares reduced to Rs 4.599 billion from Rs 7.784 billion while the capitalisation of the market maintained at Rs 6.918 trillion compared to Rs 7.005 trillion of a day earlier.

Samar Iqbal AVP at Topline Securities said political noise continued to affect market with low volumes. Sell off in global equity markets also affected local sentiments. UBL June quarter earnings & dividend were in line with expectations however profit taking was seen in the stock. Active list was topped by Lafarge Pak with 10.110 millions hares as it closed at Rs 15.52 after opening at Rs 15.56. It was followed by Fauji Cement with 4.460 million shares shed by Re 0.06 to Rs 19.99, TRG Pakistan Ltd with 3.915 million shares off by Re 0.70 to Rs 11.70, Askari Bank Spot with 3.473 million shares down by Re 0.05 to Rs 21.95 and Bank of Punjab with 3.262 million shares reduced by Re 0.04 to Rs 8.58.


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Source: Nation (Pakistan)


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