The Karachi share market Friday closed lower weighed by political uncertainty and decline in international oil prices. The benchmark KSE-100 index lost 72 points to close at 31,198 points against 31,270 points Thursday. Analysts said a bearish sentiment extended at the KSE, as investors remained concerned ahead of a key political gathering over the weekend in Islamabad. Resultantly, KSE-100 closed down 0.2 percent on last trading day of the week.
Ahsan Mehanti, analyst at Arif Habib Securities, said stocks closed bearish after a major fall in international oil prices to 4-year low level weakening earnings outlook in blue-chip oil stocks expected to incur inventory losses. "Higher DAP sales data for October 2014, record low CPI data expected for November 14, institutional interest in power sector expected to benefit from lower furnace oil prices failed to impact sentiments ahead of a protest rally called by PTI," he added.
During the intraday trading, the index fluctuated in red and green zones, touching intraday 31,283 points highest and 31,080 points lowest levels. However, trading volume posted an upward trend as overall some 240 million shares were traded on ready counter compared to 198 million in the previous session. Market capitalisation decreased by Rs 55 billion to Rs 7.152 trillion compared to Rs 7.207 trillion in the previous session. Analysts said oil & gas sector led the decline (OGDC -4.9 percent), as Opec decided not to cut oil output. Going forward analysts are expecting that the market is likely to remain unstable on political uncertainty.
"The index kept declining amid falling oil stocks due to declining commodity prices," said Samar Iqbal, Assistant Vice President Equity Sales, Topline Securities. She said investors'' interest in IPPs, fertilizer and cement stocks supported the benchmark index decline. While the value increased to $136 million or Rs 13.6 billion.
Trading took place in 377 companies, of which 219 closed in green zone, 143 in the red, while 15 remained unchanged. Among top 10 volume leaders, eight companies recorded a positive trend. With 20 million shares trading, Jah. Sidd. Co emerged the volume leader, losing Re 1 to close at Rs 14.72. Pak Elektron stood second, up Re 1 to close at Rs 30.79 on 14 million shares. Maple Leaf Cement ranked third with 13.5 million shares, gaining Rs 1.74 to Rs 36.65. K-Electric Ltd closed at Rs 7.63, up Rs 0.43 on 12 million shares. Some 8.8 million shares of P.T.C.L were traded and the scrip moved up by Re 0.66 to Rs 22.00. D.G.K Cement increased by Rs 3.19 to Rs 92.34 on 8.5 million shares. With 8.2 million shares volume, Fauji Cement moved up by Re 0.87 to Rs 22.79. Pak Int. Bulk closed at Rs 24.61, down Rs 1.29 on 6.9 million shares.
Pak Elektron Ltd (R) SPOT gained Re 1 to Rs 10.05 on 6.2 million volumes and with some 6 million shares trading, Engro Fertilizer Ltd closed at Rs 63.05, up Re 0.97. Colgate Palmolive and Service Ind Ltd were the top gainers with Rs 83.00 and Rs 44.50 to close at Rs 1,783.00 and Rs 989.53, respectively. Wyeth Pak Ltd and Nestle Pak. XD were the top losers with Rs 208.76 and Rs 150.00 to close at Rs 3,966.49 and Rs 8,450.00, respectively.
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