KSE plunges by 214 points

Karachi Stock Exchange (KSE) on Tuesday witnessed a technical correction session as investors preferred to book their profits. The benchmark 100-index plunged by 214 points, closed at 25,559 level against 25,773 level on a day earlier. During the intra-day trading, the main index touched 25,802 as highest and 25,528 as lowest level. The market capitalisation remained on lower side, ended at Rs 6.225 against Rs 6.280 trillion and the trading side also witnessed thin volumes, stood at 226.662 million shares from 283.428 million shares.
Commenting on market performance, analysts were of the view that local bourse market's 100-index shed 214 points losing its gain of Monday with 28% lower volumes. Investors' focus was confined towards mid cap stocks as BOP Rights alone witnessed 52.5mn shares which made 23% of total traded volume followed by LPCL with 16mn shares and Engro Fertilizer with 12mn shares.
They said that Engro Corporation lost 4%, OGDC's better than expected December quarter earnings were overshadowed by weak sentiments. Of 367 active companies, only 83 closed in green while 262 companies witnessed decline in their share value, they added. Overall, 367 companies were marked as very active on the second day of week, some 83 scrips gained while a big number of 262 shares lost their prices and only 22 witnessed no change since opening till closing of the session.
Two top gainers for the day were Wyeth Pak up by Rs 130 to Rs 4794 and Fazal Textile higher by Rs 27 to Rs 582. The biggest losers were Nestle Pak down by Rs 128 to Rs 8869 and Bata (Pak) lower by Rs 85 to Rs 2890. On the top 10 volume leaders, Bank of Punjab (R) was the leading with 52m shares, price shed 34 paisa, closed at -53 paisa, Lafarge Pak lost 46 paisa, price stood at Rs 11.32 with volume of 16m shares and Engro Fertilizer also remained on lower side, decreased by Re1.46, price closed at Rs 59.04 on 11m shares.
Byco Petroleum managed its closing on green zone with increase of only one paisa, price ended at Rs 10.86 with volume of 11m shares, Dewan Cement stayed on bearish note, it lost 42 paisa to Rs 8.56 on 10m shares and Maple Leaf Cement witnessed loss of 18 paisa, price ended at Rs 28.91 on 10m shares. TRG Pakistan remained on red-line, lost by 25 paisa, price closed at Rs 12.72 on 7m shares, JS Investments lost 31 paisa, price ended at Rs 11.94 on 7m shares, Fauji Cement stayed on a negative note, feel by 10 paisa, price closed at Rs 16.25 on 5m shares and Telecard Limited also witnessed a bearish trend, lost by 19 paisa, price closed at Rs 5.16 on 5m shares.