KSE turns bearish

A bearish trend was witnessed the Karachi share market on Thursday due to across-the-board selling from local and foreign corridors. The benchmark KSE-100 index declined by 174.09 points to close at 11,187.88 level. The market opened in deep red and the index hit 11,145.54 point intra-day low level.
Trading activity also remained low as the volumes at ready counter declined to 29.638 million shares as compared to 46.131 million shares traded on Wednesday. Total market capitalisation declined by Rs 43 billion to stand at Rs 2.907 trillion. Of the total 291 active stocks, 116 closed in negative, 85 in positive while the value of 90 scrips remained unchanged.
Arif Habib Corp was the volume leader with 2.351 million shares, however it lost Re 0.64 to close at Rs 27.23 followed by Lotte Pakistan PTA that decreased by Re 0.17 to close at Rs 10.02 with 2.096 million shares. In the fertiliser sector, Fauji Fertiliser Bin Qasim, Fauji Fertiliser Co and Engro Corp declined by Rs 1.06, Re 0.48 and Rs 1.44 to close at Rs 42.63, Rs 156.52 and Rs 94.31 with 2.014 million shares, 1.730 million shares and 1.315 million shares, respectively.
In the banking sector, NBP and Soneri Bank lost Re 0.19 and Re 0.05 to close at Rs 44.04 and Rs 4.05 with 1.667 million shares and 1.054 million shares, respectively. Byco Petroleum gained Re 0.16 to close at Rs 6.98 with 1.588 million shares. Hub Power Co lost Re 0.59 to close at Rs 34.46 with 1.078 million shares.
Selling was also seen in the heavyweights of E&P sector, as OGDC declined by Rs 5.82 to close at Rs 140.55 with 0.989 million shares. Nestle Pakistan and Millat Tractors were the top gainers increasing by Rs 10.71 and Rs 4.87 to close at Rs 3201.36 and Rs 370.29, respectively while Unilever Pak and Rafhan Maize were the worst losers declining by Rs 171.32 and Rs 108.28 to close at Rs 5226.10 and Rs 2405.00, respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said engulfed with various economic, financial, political and geo-political issues the macro picture continued to disallow CGT-hit equities to find footing, that continued to face across the board selling from both local and off-shore corridors, forced the index into deep red zone.
He said the news of suspension of gas supply to fertiliser sector added to the in-built negativity, although singled out stocks from fertiliser, banking sector did display strength upon syndicated accumulation, low volumes and prolonged stagnation disallowed follow-up support, thus keeping the pressure intact.