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KSE sheds 3 pts on concerns over judicial, political crisis

07 August, 2012

KARACHI: The Karachi stock market closed slightly lower on the first trading day of the week Monday as concerns over judicial and political crisis triggered profit-taking.

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KARACHI: The Karachi stock market closed slightly lower on the first trading day of the week Monday as concerns over judicial and political crisis triggered profit-taking.

The Karachi Stock Exchange (KSE) 100-share index shed 2.66 points or 0.02 percent to close at 14,673.77 points as compared to 14,676.43 points of the previous session. The KSE 30-share index was down by 21.33 points to close at 12,629.37 points as compared with 12,650.70 points.

The market turnover rose 19.98 percent and traded 58.11 million shares after opening at 48.43 million shares. The overall market capitalisation gained 0.08 percent and traded Rs 3.749 trillion as against Rs 3.746 trillion. Losers beat gainers 148 to 99, while 18 stocks were unchanged.

"Stocks closed lower on institutional profit-taking in the earnings announcements session at KSE on concerns over judicial and political crisis amid cautious activity ahead of State Bank's policy announcement due this week," said Arif Habib Corporation Director Ahsan Mehanti. "Activity remained thin despite strong corporate earnings outlook and recovery in global stocks and commodities."

Analysts said concerns over rising circular debt in the energy sector, revenue loss to fertilizer sector on gas supply worries and pending capital gains tax collection issues played a catalyst role in the dull trend.

"Day end selling in Fauji Fertilizer, Dera Ghazi Khan Cement and National Bank of Pakistan eroded the gains market made during the day," said Topline Sec equity dealer Samar Iqbal. "Increase in Qadirpur gas price helped E&P stocks but selling in cement and fertilizer stocks cooled down the index."

Interestingly second-tier stocks like Aisha Steel Mills, Jahangir Siddiqui and Company Ltd (JSCL) and Azgard Nine Ltd (ANL) were among the volume leaders, he added.

The KMI 30-share index was down by 74.14 points to close at 25,440.81 points from its opening at 25,514.95 points. The KSE all-share index closed with a loss of 2.58 points to 10,326.82 points as against 10,329.40 points.

"Earnings and payout sensation kept the E&P giants in the limelight," said, said Escorts Capital Chief Operating Officer Hasnain Asghar Ali. "Although various volume leaders from previous sessions stayed under the spell of technical adjustment, volume generation on dips not only restricted the downside, but sideliners also made fresh bets for short-term trade."

Aisha Steel Mills was the volume leader in the share market with 5.23 million shares as it closed at Rs 11.02 after opening at Rs 10, gaining Rs 1.02. JSCL traded 3.21 million shares as it closed at Rs 14.71 from its opening at Rs 15.13, shedding 42 paisas. ANL traded 2.97 million shares and closed at Rs 5.82 as compared to its opening at Rs 6.12, losing 30 paisas. Fauji Fertilizer traded 2.86 million shares as it closed at Rs 113.83 as against its opening at Rs 116.02, falling Rs 2.19.

End.


 
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