The Karachi share market Thursday witnessed another dull session and the benchmark KSE-100 index closed below 30,000 level. The KSE-100 index declined by 138 points to close at 29,982 points compared to 30,121 points Wednesday. "Stocks closed lower amid concerns for economic uncertainty and the fate of privatisation process ahead of SC's final verdict on OGDCL share sale," said Ahsan Mehanti, an analyst at Arif Habib.
He said rising trade deficit, limited foreign interest and major fall in global commodities played a catalytic role in the bearish activity at KSE despite record overseas remittances of $4.69 billion during Jul-Sep-14 expected to ease current account deficit. During the intraday trading, the index fluctuated in green and red zones, touching 30,198 points highest and 29,944 points lowest levels. However, volume at the ready counter witnessed an upward trend, up 13 percent compared to previous session. Overall, some 239 million shares were traded against 212 million shares in the previous session.
Market capitalisation declined by Rs 50 billion to reach below Rs 7 trillion mark. Market capitalisation stood at Rs 6.976 trillion Thursday down from Rs 7.026 trillion a day earlier. Trading took place in 413 companies, of which 191 closed in green zone, 202 in the red, while 20 remained unchanged. Analysts at JS said the market remained weak as sentiment was bearish on the back of regional markets diving to six month lows.
Investors treaded a cautious path booking profits and trimming trading positions, especially in the oil & gas exploration sector as the commodity prices nose-dived, they added. Pakistan Petroleum -1.2 percent, Pakistan Oilfields -2.2 percent and OGDC -0.8 percent were the major decliners of the day taking the index down below the 30k level, they maintained.
They said the auto stocks continued to gain as Indus Motor +5 percent hit its upper circuit on expectations of a jump in sales after the launch of the new Corolla model and anticipation of a positive auto policy. Third-tier auto companies led volumes with Ghani Automobiles +1.4 percent finishing first yet again as 32.9 million shares were traded in the market, they added.
Among top 10 volume leaders, nine recorded a positive trend. With 33 million shares volume, Ghani Automobile emerged the volume leader, gaining Re 0.10 to close at Rs 7.06. Dewan Motors stood second, up Re 0.25 to close at Rs 10.28 on 17 million shares. Dewan Cement ranked third with 12 million shares, up Re 0.66 to Rs 7.96. Media Times Ltd closed at Rs 3.06, up by Re 0.38 on 11.5 million shares. Some 7.8 million shares of Pervez Ahmed were traded and the scrip rose by Re 0.21 to Rs 3.60. TRG Pak Ltd moved up by Re 0.37 to Rs 12.01 on 7.5 million shares. With 6.3 million shares, Descon Chemical inched up by Re 0.03 to Rs 5.90. Hira Textile closed at Rs 12.59, gaining Re 1 on 6.2 million shares.
Fauji Cement lost Re 0.25 to close Rs 21.07 on 5.7 million sharers. Some 5.4 million shares of Pak Int. Bulk were traded and the scrip closed at Rs 22.52, up Rs 1.07. Bata (Pak) and Exide (Pak) were the top gainers with Rs 176.50 and Rs 55.27 to close at Rs 3,706.50 and Rs 1,160.79, respectively. Colgate Palmolive and Philip Morris Pak were the top losers with Rs 39.00 and Rs 23.77 to close at Rs 1,451.00 and Rs 825.73, respectively.
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