The Karachi share market witnessed another dull day Tuesday and the benchmark KSE-100 index fell by 17 points to close at 29,694 points compared to 29,711 points Monday. Analysts said bears won battle after conceding some territory in the early half of the day to the bulls as the market closed 0.06 percent down. Monday's relatively large foreign portfolio outflow kept the participants on the back foot, they added.
During the intraday trading, the index fluctuated in red and green, gaining over 200 points to reach 29,926 points. However, the market could not sustain the level and closed lower. Despite a negative trend, the volume moved upward as overall some 144 million shares were traded compared to 127 million in the previous session.
Commenting on the market situation, Samar Iqbal, Assistant Vice President, Equity Sales Topline Securities, said the index remained affected amid fall in oil sector as investors kept on trimming their portfolios in the sector. Renewed interest in banks and cements stocks was seen in expectation of better September results, she added. Volumes increased by 13 percent, while value remained at $62 million or Rs 6.2 billion. MLCF remained highly active in better earnings expectations for September quarter, he maintained.
Ahsan Mehanti of Arif Habib said stocks on second consecutive day closed lower amid bearish activity in oil and telecom scrips on dismal earnings outlook. ICH withdrawal impact on LDI revenues of PTCL, fall in global oil benchmark towards $86 at four-year low and rising political uncertainty played a catalytic role in bearish activity despite Supreme Court approval on OGDCL 10 percent shares sell off and current account surplus in Sep'14 owing to home remittances and CSF receipts, he added.
Market capitalisation continued to decline reaching Rs 6.907 trillion mark, down Rs 11 billion. Trading took place in 402 companies, of which 175 closed in green zone, 209 in the red, while 18 remained unchanged. Among top 10 volume leaders, six companies recorded a positive trend. With 11.3 million shares volume, Dewan Motors emerged the volume leader, losing Re 0.49 to close at Rs 10.09. Maple Leaf Cement stood second, up Re 0.70 to close at Rs 29.21 on 10.3 million shares. Hira Textile ranked third with 7.3 million shares, gaining Re 0.94 to Rs 13.22.
TRG Pakistan closed at Rs 10.70, down Re 0.17 on 5.8 million shares. Some 5.7 million shares of Askari Bank were traded and the scrip moved up by Re 0.23 to Rs 22.35. Lalpir Power increased by Re 0.07 to Rs 19.29 on 5.5 million shares. With 5.3 million shares volume, Ghani Automobile decreased by Re 0.05 to Rs 6.34. Pak Int Bulk closed at Rs 22.61, losing Re 0.02 on 4.5 million shares.
Sitara Peroxide gained Re 0.61 to close Rs 15.77 on 4 million sharers. With some 3.5 million shares, B.O.Punjab closed at Rs 8.31, up Rs 0.08. Nestle Pak and Exide (Pak) were the top gainers with Rs 200.00 and Rs 63.90 to close at Rs 8,300.00 and Rs 1,342.90, respectively. Unilever Foods and Bata (Pak) were the top losers with Rs 461.90 and Rs 63.94 to close at Rs 8,776.10 and Rs 3,425.00, respectively.
Comments
Comments are closed.