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Karachi stocks close in the red as investors remain cautious

08 August, 2012

KARACHI: The Karachi stock market closed in the red zone on Tuesday with a marginal loss as possibility of a showdown between the Supreme Court and the government on Wednesday (today) kept investors cautious.

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KARACHI: The Karachi stock market closed in the red zone on Tuesday with a marginal loss as possibility of a showdown between the Supreme Court and the government on Wednesday (today) kept investors cautious.

The Karachi Stock Exchange (KSE) 100-share index shed 1.53 points or 0.01 percent to close at 14,672.24 points as compared to 14,673.77 points of the previous session. The KSE 30-share index was down by 3.91 points to close at 12,625.46 points as compared with 12,629.37 points.

“The market remained range-bound,” said Topline Securities equity dealer Samar Iqbal. “Investors opted for a cautious stance ahead of the Supreme Court's hearing today (Wednesday).”

Supreme Court gave Prime Minister Raja Pervez Ashraf an August 8 deadline to reopen old corruption cases against President Asif Ali Zardari. The government has so far refused, saying Zardari has immunity as head of state, he added.

The market turnover went down by 22.62 percent and traded 44.96 million shares after opening at 58.11 million shares. The overall market capitalisation shed 0.05 percent and traded Rs 3.747 trillion as against Rs 3.749 trillion. Losers outnumbered gainers 155 to 105, while 31 stocks were unchanged.

“Stocks closed lower amid thin volumes on cautious activity ahead of State Bank's policy announcement,” said Arif Habib Corporation Director Ahsan Mehanti. “Concerns over rising circular debt in the energy sector, decline in cement despatches, power shortfall for industrial sector and expected fall in fertilizer prices played a catalyst role in the bearish sentiment despite recovery in global stocks and commodities on eurozone stimulus hopes and improved US jobs data.”

The KMI 30-share index was up by 43.52 points to close at 25,484.33 points from its opening at 25,440.81 points. The KSE all-share index closed with a loss of 3.77 points to 10,323.05 points as against 10,326.82 points.

“Although benchmark continued to consolidate gains led by front line E&P stocks, the overall volume stayed on the lower side with judicial hearings being the main reason of sluggish activity,” said Escorts Capital Chief Operating Officer Hasnain Asghar Ali. “Economic and financial grievances have been the major hurdle, however technical recovery in Engro and hefty volumetric hand change in a narrow range allowed the short-term traders an intra-day trading opportunity.”

Jahangir Siddiqui and Co was the volume leader in the share market with 2.74 million shares as it closed at Rs 14.45 after opening at Rs 14.71, shedding 26 paisas. Engro Corporation traded 2.55 million shares as it closed at Rs 89.82 from its opening at Rs 88.71, rising Rs 1.11. Quice Food traded 2.36 million shares and closed at Rs 12.23 as compared to its opening at Rs 11.24, gaining 99 paisas. NBP traded 1.84 million shares as it closed at Rs 43.88 as against its opening at Rs 44.36, falling 48 paisas.

End.


 
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