Karachi Stock Exchange (KSE) witnessed another bear-run session Tuesday as investors preferred profit-taking. The benchmark-100 share index lost 89.76 points to close at 17,872.15 points against 17,961.91 points Monday. Commenting on the market performance, Zafar Moti, senior member KSE and Chairman ZMC Securities said the market closed on a negative note as investors stayed on the sidelines.
"Though, the Election Commission of Pakistan (ECP) has announced the election schedule but stock-related investors still feel uncertainty on the political front," he added. Mujtaba Barakzai, technical analyst at JS Global said the KSE-100 index fell 0.5 percent, from an intra-day high of +0.1 percent, after profit-taking set in.
"Appointment of Punjab caretaker Chief Minister and selection of caretaker federal finance minister were key areas of concern for the investors," he added. He said that fertiliser and oil stocks bore the major brunt of profit-taking, where Engro, OGDC and POL closed down 0.7 percent, 1.7 percent and 0.8 percent, respectively.
On the second day of week, the benchmark-100 index opened in minus-zone and concluded on the same note. The market capitalisation witnessed a decrease of Rs 24.95 billion. It closed at Rs 4.360 trillion from Rs 4.385 trillion. The trading was dull and the turnover was recorded at 149.573 million against Monday's 153.669 million shares. Out of total 314 active scrips, 116 registered gains, 179 went down while that of 19 scrips remained unchanged.
Unilever Pak and Sanofi-Aventis Pak were the top gainers with Rs 190.00 and Rs 16.00 to close at Rs 11100.00 and Rs 377.00, respectively. Bata (Pak), Fazal Textile remained top losers with Rs 66.00 and Rs 12.13 to close at Rs 1259.00 and Rs 230.61, respectively.
Six of 10 companies available in "Top Ten" chart showed negative change in their share prices while the rest remained in positive zone. PIAC (A) was declared volume leader with an increase of 58 paisa, closing at Rs 7.40 with turnover of some 38.79 million. TRG Pakistan lost 21 paisa, closing at Rs 7.60 on some 11.79 million shares trading. Fauji Cement also witnessed bearish trend and with a decrease of 11 paisa, it closed at Rs 8.42 with a volume of some 10.52 million shares.
Lotte PakPTA ended 31 paisa higher, closing at Rs 7.61 on some 8.24 million shares while Maple Leaf Cement remained under pressure losing 34 paisa. It closed at Rs 17.20 on some 8.19 million shares while Engro Corporation shed 85 paisa to Rs 130.03 on some 4.61 million shares. DGK Cement lost 83 paisa, closing at Rs 69.06 on some 3.74 million turnover. Dewan Motors gained 14 paisa to Rs 3.77 on some 3.67 million shares trading. Nishat Mills closed fell by 22 paisa at Rs 83.47 on some 3.47 million shares trading. The last one among the "Top Ten" was Dewan Cement which witnessed positive trend. With an increase of 13 paisa, it closed at Rs 5.27 with some 3.40 million shares trading.
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