Bears defeated bulls at Karachi Stock Exchange (KSE) Thursday and the market witnessed correction due to profit-taking by investors. With a decline of 120.68 points, the KSE-100 index closed at 22,015.04 against 22,135.72 points Wednesday. The local bourse opened in green zone but it failed to maintain the positive trend. During midday, the market witnessed selling pressure in various major sectors and closed on negative note.
Commenting on the market performance, Zafar Moti, senior member KSE and Chairman ZMC Securities told Business Recorder that local bourse witnessed correction of Wednesday on Thursday due to profit-taking in big scrips. He said the local bourse was opened with over 40 points plus and went till 110 points but the market changed its mood during midday trading due to selling pressure. Ovais Ahsan, a technical analyst at J S Global commented that the market dipped into negativity after treading in positive territory for most of the day as the sell-off in regional markets spooked investors.
"With growing realisation that Pakistan is entering into new IMF programme and no confirmation of Saudi deferred oil payment programme, investors feared stricter conditions and an uptick in interest rates on the cards," he said. He said that the Index heavy weights OGDC (?0.9 percent) and MCB (?1.7 percent) led the decliners as persistent selling by one of the largest FI funds weighed in on price and sentiment. Pakistan State Oil (?2.2 percent) also lost intraday gains as the solution of the circular debt still remains hypothetical. The cement sector weakened as rising interest rates will push up borrowing cost for one of the most leveraged sectors in the market, Ovais added. Market capitalisation followed the decreasing trend and closed at Rs 5.344 trillion against Rs5.367 trillion. The trading side also remained on the same page, and the volume at the ready counter stood at 302.131 million shares from previous 306.287 million shares.
Out of total 380 active scrips, 129 went up, 236 went down and 15 remained unchanged. Colgate Palmolive and Sanofi-Aventis were the top gainers with share prices increasing by Rs48.50 and Rs24.99 to close at Rs1893.00 and Rs524.99, respectively.
Unilever Food and Wyeth Pak were the top losers with share prices decreasing by Rs85.00 and Rs30.50 to close at Rs4665.00 and Rs1669.50, respectively. Seven companies available in "Top Ten" chart witnessed decrease in their share prices while the rest gained ground. B.O. Punjab (R) SPOT got the position of "Volume Leader." However the scrips lost six paisa to close at Rs2.46 on a turnover of 88.648 million shares.
On the contrary, TRG Pakistan bagged 37 paisa to close at Rs11.26 on some 18.256 million shares. Bank Al-Falah also witnessed bullish trend and with an increase of Re1, it closed at Rs19.02 on 17.549 million shares. B.O. Punjab shed 19 paisa to close at Rs14.72 on some 15.906 million shares. Fauji Cement lost 42 paisa to close at Rs13.13 on some 12.223 million shares. Jah. Sidd. Co also closed on same note, decreasing by 28 paisa to close at Rs13.61 on some 9.257 million shares.
Wateen Telecom lost six paisa to close at Rs4.57 on some 8.840 million shares. Maple Leaf Cement shed 62 paisa to close at Rs23.80 on 7.034 million shares. Lafarge Pak lost 36 paisa to close at Rs9.00 on some 5.480 million shares. The last one among the Top Ten was Nishat (Chunian), which jump by Rs2.8 to close at Rs62.93 on 5.418 million shares.
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