The Karachi share market on Tuesday witnessed negative trend and KSE-100 index lost 14.12 points to close at 9,266.04 points from 9,280.16 points. The market witnessed mixed activity throughout the day with the index oscillating between positive and negative zones. However, in the evening market closed with negative trend.
During the session the index hit 9,385.67 points intra-day high and 9,249.82 points low. However, trading activities posted some increase and the volumes at ready counter surged to 190.13 million shares as compared to 171.85 million shares traded in the last session. Market capitalisation declined by Rs 4.751 billion to Rs 2.67 trillion from Rs 2.675 trillion.
Of 387 active scrips, 159 closed in positive and 211 in negative, while the value of 17 scrips remained unchanged. Bank of Punjab was volume leader with 15.9 million shares and it closed at Rs 20.02 with Re 0.98 gained. Bank Al-Falah lost Re 0.28 to close at Rs 14.06 with 13.526 million shares. Nishat Mills gained Rs 2.47 to close at Rs 70.43 with 12.8 million shares.
PTCL declined by Re 0.23 to close at Rs 17.32 with trading volume of 12.61 million shares. Jah Siddique Co lost Re 0.46 to Rs 31.31 with 11.49 million shares. Nishat (Chunian) with 9.8 million shares trading volume increased by Re. 0.93 to close at Rs 17.14, and DG Khan Cement lost Re. 0.20 to close at Rs 29.06 with 8.01 million shares.
Share price of Arif Habib Sec declined by Re. 0.30 to close at Rs 47.78 with 7.02 million shares. National Bank of Pakistan gained Rs 3.41 to close at Rs 73.34 with 6.13 million shares and Adamjee Insurance increased by Rs 2.87 to close at Rs 121.46 with 6.11 million shares.
Unilever Food and Wyeth Pak Ltd were the highest gainers with Rs 39 and Rs 22 to close at Rs 1,379.00 and Rs 1,2470.00 respectively, while Fateh Taxtile and Treet Corporation were the worst losers with Rs 25.50 and Rs 12.73 to close at Rs 484.65 and Rs 270.27 respectively. Analysts said that several reasons were responsible for the negative trend in the market and were likely to improve later.
They said that since the economic woes persist, and there was fast depletion in value of rupee, the current run-up was likely to face technical correction. Booking profits during early spike can be beneficial. Avoiding taking position in stocks carrying reservations will prove prudent, they added.
Textile sector stocks continued to provide trading opportunities, as despite profit taking the stocks managed to continue the bull-run. So did leading cement sector stocks, wherein despite reports on decline in exports, local demand and likelihood of reduction in PSDP amount, short term activity allowed the stocks to sustain gains, mainly on technical grounds, analysts said. They said that results of the quarter were likely to witness declining trend in payout and revenues. The results are likely to follow downward revision in fair values, mainly in the stocks suffering from inefficient management of asset and finance.
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