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KSE declines 119 points on drop in int'l stock markets

05 June, 2012

KARACHI: The Karachi stock market faced a bearish trend on the first trading day of the week Monday as negativity in the international equity and commodity markets, coupled with economic and financial grievances neutralised the impact of the federal budget.

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KARACHI: The Karachi stock market faced a bearish trend on the first trading day of the week Monday as negativity in the international equity and commodity markets, coupled with economic and financial grievances neutralised the impact of the federal budget.

The Karachi Stock Exchange (KSE) 100-share index shed 119.05 points or 0.86 percent to close at 13,757.92 points as compared to 13,876.97 points of the previous week. The KSE 30-share index was down by 130.43 points to close at 11,926.01 points as compared with 12,056.44 points.

The market turnover declined 10.62 percent and traded 95.71 million shares after opening at 107.09 million shares. The overall market capitalisation declined by 0.84 and traded Rs 3.522 trillion as against Rs 3.552 trillion. Losers outnumbered gainers 172 to 106, while 76 stocks were unchanged.

“Tumbling global stocks outweighed the stock market-related positive budgetary measures,” said Topline Sec analyst Samar Iqbal. This is the reason why investors preferred to sell stocks amid fears that if regional markets continue to fall then foreigners may sell in the local market also.” Cement stocks remained in the limelight after positive steps announced in the new budget, he added.

The KMI 30-share index was down by 293.64 points to close at 23,909.17 points from its opening at 24,202.81 points. The KSE all-share index closed with a loss of 82.04 points to 9,699.36 points as against 9,781.40 points.

“Negativity in the international equity and commodity markets, coupled with economic and financial grievances kept the local equities in negative zone,” said INVISOR Securities SVP Hasnain Asghar Ali. “The dividend-yielding stocks had potential accumulators in search of deep discounts most likely due to low volume price erosion, that is usually followed by prolonged stagnation.”

The commitment by US for releasing $1.1 billion Coalition Support Fund (CSF) by the end of the running fiscal year if released will support the depleting reserves, various irking issues, high borrowing debt re-payment and ballooned-up circular debt that have not been addressed in the budgetary allocation.

Lafarge Pakistan was the volume leader in the share market with 9.27 million shares as it closed at Rs 4.81 after opening at Rs 4.84, losing three paisas. Fatima Fertilizer Co traded 8.85 million shares as it closed at Rs 24.93 from its opening at Rs 24.44, gaining 49 paisas. DGK Cement traded 8.31 million shares and closed at Rs 41.87 as compared to its opening at Rs 42.61, decreasing 74 paisas. TRG Pakistan Ltd traded 5.79 million shares as it closed at Rs 4.01 as against its opening at Rs 3.97, gaining four paisas.

End.


 
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