The new trading week began on a negative note at Karachi Stock Exchange on Monday following selling pressure. The index lost 271.26 points to close at 22,377.83 against 22,649.09 Friday. The Index touched 22,649 highest and 22,199 lowest levels during the intra-day trading. The market capitalisation witnessed a lower trend and stood at Rs 5.327 trillion against Rs 5.399 trillion.
The trading side followed suit and the volume at the ready counter closed lower at 91.419 million shares from 125.103 million shares. Commenting on the market performance, Ahsan Mehnati, an analyst at Arif Habib Corp said stocks fell across the board due to post-quarter end earning announcements at KSE and the demand of key political parties for closure of Nato supplies routes.
He said the World Bank delay on approval of $1bn loan amid energy subsidies and dismal taxation measures, higher CPI inflation data for Oct''13, and lower global commodities played a catalyst role in bearish sentiment. Samar Iqbal, AVP (Equity Sales) at Topline Securities said that in expectation of rising tensions between Pakistan and the US after the drone attack over the weekend investors preferred to trim their positions. Market players feel if this tension continues it will affect Pakistan balance of payment and local currency.
She said the index fell by 271 points with volume in rupee terms stood at Rs 3.5bn. BAFL led the volume with 10mn shares changed hands followed by JSCL with 9mn shares and PTC with 9mn shares. Out of total 293 active stocks, 63 witnessed positive trend, 212 negative and that of 18 remained unchanged. Two top gainers for the day were Bata (Pak) SPOT, which shot up by Rs 65 to Rs 1800 and Wyeth Pak, which climbed by Rs 58.05 to Rs 4550. The top losers were Unilever Food, which shed Rs 211 to Rs 5301 and Sanofi-Aventis, which lost Rs 22.50 to Rs 450.
Of the Top 10 volume leaders, Bank Al-Falah led the tally with 10m shares but lost 64 paisa at Rs 22.60. Jahangir Siddiqui Company shed 31 paisa to Rs 7.54 on 9m shares; and PTCLA fell by 33 paisa to close at Rs 26.45 on 8m shares. B.O. Punjab lost 21 paisa to close at Rs 10.22 on 5m shares; DGK Cement XD shed 67 paisa to close at Rs 69.95 on 3m shares; and Fauji Cement XD shed 26 paisa to Rs 11.19 on 3m shares. Nimir Ind Chemicals fell by 28 paisa to close at Rs 6.27 on 3m shares; National Bank shed 62 paisa to Rs 49.71 on 2m shares; NIB Bank Limited witnessed a decline of four paisa to close at Rs 2.21 on 2m shares; and Engro Corporation lost Rs 3.42 to Rs 120.31 on 2m shares.