23:26
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KARACHI: The Karachi Stock Exchange’s (KSE) benchmark 100-index declined by 13.42 points to 16,237.59 points on Friday, while the turnover increased by 21 million shares to 251.52 million but trading remained slow, said dealers.
Analysts said the stocks closed higher led by second-tier stocks in cement and oil sectors on strong valuations amid concerns over the rising circular debt in the energy sector.
Traders also remained conscious of the law and order situation and closure of mobile service in Karachi, which created hurdles in communication.
The KSE-100 index fell by 13.42 points, or 0.08 percent, to 16,237.59 points from 16,251.01 points recorded in the last session as it reached the highest level of 16,302.55 points in the intraday but could not sustain, while lowest level of the day was recorded at 16,230.70 points.
The KSE-30 index declined by 31.28 points or 0.24 percent to 13,171.29 points in the session.
Turnover was higher by 21 million shares to 251.52 million shares but its value declined to Rs3.70 billion from Rs4.15 billion.
Samar Iqbal, a dealer at Topline Securities (Pvt) Ltd, said that investors preferred to book profit amid fear of the law and order situation over the weekend. “Investors’ interest remained confined towards mid-cap stocks as FCCL and MLCF alone contributed 37 percent of volume,” she said.
Positive impact was seen on the shares of Byco, as its new plant was complete and currently under commissioning. “It would be put into trial production by the end of December,” said an analyst.
Such news in the exchange had a positive impact on Byco’s shares, which emerged as the third significant company in the shares turnover.
Ahsan Mehanti, an analyst at Arif Habib Corp, said that stocks closed bearish amid higher trading ahead of Ashura holidays. “Investors’ remained cautious, despite institutional support in textile and auto stocks on strong valuations,” he said.
Consolidation continued amid concerns over rising circular debt in the energy sector and gas supply issues for the fertiliser sector, he said.
Lower global commodities, security unrest in the city and limited foreign interest played a catalyst role in the bearish sentiment at the KSE.
Highest increase was recorded in Unilever Food, which went up by Rs180 to Rs3,960 per share followed by Rafhan Maize, which rose by Rs150 to Rs3,700 per share. Major decline was witnessed in the shares of Colgate Palmolive, which fell by Rs50 to Rs1,250 per share followed by Wyeth Pak Limited, which declined by Rs19 to Rs926 per share.
Stocks that recorded significant turnover included Fauji Cement, Maple Leaf Cement, Byco Petroleum, Pervez Ahmed Securities and Dewan Motors.
Fauji Cement was the volume leader with a turnover of 61.73 million shares with no change at Rs6.97 per share, followed by Maple Leaf Cement with a turnover of 31.63 million shares with the improvement of 21 paisas to Rs15.47 per share.
Shares turnover in the futures market fell to 4.20 million shares from 6.75 million shares traded in the previous session.
Of 363 companies’ shares traded, 222 advanced, 120 declined and 21 remained unchanged.
Unilever Food Rs180.00
Closing Rs3,960.00
Rafhan Maize Rs150.00
Closing Rs3,700.00
Mitehells Fruit Rs16.00
Closing Rs366.00
Colgate Palm Rs50.00
Closing Rs1,250.00
Wyeth Pak Rs19.00
Closing Rs926.00
Siemens Engg Rs18.87
Closing Rs731.15
Analysts said the stocks closed higher led by second-tier stocks in cement and oil sectors on strong valuations amid concerns over the rising circular debt in the energy sector.
Traders also remained conscious of the law and order situation and closure of mobile service in Karachi, which created hurdles in communication.
The KSE-100 index fell by 13.42 points, or 0.08 percent, to 16,237.59 points from 16,251.01 points recorded in the last session as it reached the highest level of 16,302.55 points in the intraday but could not sustain, while lowest level of the day was recorded at 16,230.70 points.
The KSE-30 index declined by 31.28 points or 0.24 percent to 13,171.29 points in the session.
Turnover was higher by 21 million shares to 251.52 million shares but its value declined to Rs3.70 billion from Rs4.15 billion.
Samar Iqbal, a dealer at Topline Securities (Pvt) Ltd, said that investors preferred to book profit amid fear of the law and order situation over the weekend. “Investors’ interest remained confined towards mid-cap stocks as FCCL and MLCF alone contributed 37 percent of volume,” she said.
Positive impact was seen on the shares of Byco, as its new plant was complete and currently under commissioning. “It would be put into trial production by the end of December,” said an analyst.
Such news in the exchange had a positive impact on Byco’s shares, which emerged as the third significant company in the shares turnover.
Ahsan Mehanti, an analyst at Arif Habib Corp, said that stocks closed bearish amid higher trading ahead of Ashura holidays. “Investors’ remained cautious, despite institutional support in textile and auto stocks on strong valuations,” he said.
Consolidation continued amid concerns over rising circular debt in the energy sector and gas supply issues for the fertiliser sector, he said.
Lower global commodities, security unrest in the city and limited foreign interest played a catalyst role in the bearish sentiment at the KSE.
Highest increase was recorded in Unilever Food, which went up by Rs180 to Rs3,960 per share followed by Rafhan Maize, which rose by Rs150 to Rs3,700 per share. Major decline was witnessed in the shares of Colgate Palmolive, which fell by Rs50 to Rs1,250 per share followed by Wyeth Pak Limited, which declined by Rs19 to Rs926 per share.
Stocks that recorded significant turnover included Fauji Cement, Maple Leaf Cement, Byco Petroleum, Pervez Ahmed Securities and Dewan Motors.
Fauji Cement was the volume leader with a turnover of 61.73 million shares with no change at Rs6.97 per share, followed by Maple Leaf Cement with a turnover of 31.63 million shares with the improvement of 21 paisas to Rs15.47 per share.
Shares turnover in the futures market fell to 4.20 million shares from 6.75 million shares traded in the previous session.
Of 363 companies’ shares traded, 222 advanced, 120 declined and 21 remained unchanged.
Unilever Food Rs180.00
Closing Rs3,960.00
Rafhan Maize Rs150.00
Closing Rs3,700.00
Mitehells Fruit Rs16.00
Closing Rs366.00
Colgate Palm Rs50.00
Closing Rs1,250.00
Wyeth Pak Rs19.00
Closing Rs926.00
Siemens Engg Rs18.87
Closing Rs731.15
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