|Friday, 25 May 2012 12:20|
KARACHI - The Karachi stock market extended losses on Thursday due to security concerns in the city, rising political noise and uncertainty over Pak-US relations on progress over NATO supplies.
At the Karachi Stock Exchange, the bench mark KSE 100-share index shed 95.90 points or 0.68 percent to finish the day at 13,936.92 points as compared to 14,032.82 points of the previous session. Experts said institutional profit-taking continued and investors remained cautious ahead of federal budget announcements next week. Lower global commodities and stocks amid Greece debt crises also affected the sentiments.
KSE Allshare-index shed 60.52 points or 0.61 percent to close the day at 9802.97 points, KSE 30-share index lost 106.42 points to finish the day at 12081.21 points while KMI 30-share index closed 162.50 points or 0.67 percent lower at 24046.80 points.
Dealer at KSE said, “Selling in fertilizer caused index to drop by 0.5%. News regarding increase in cement prices helped increase in cement stocks while DGKC and LUCK saw decent volumes. Most of the retail investors stayed on the sidelines due to strong volatility in global and currency markets.” Market traded 177.585 million shares after opening at 175.620 million shares. Trading took place in 345 stocks where losers outnumbered the gainers by 179 to 112 while the values of 54 stocks remained intact.
Active list was topped by Bank Al-Falah with 18.314 million shares as it closed at Rs 17.89 after opening at 17.77, gained Re 0.12. TRG Pakistan Ltd was on the second position with 15.882 million shares, up Re 0.18 to close at Rs 4.40. It was followed by D.G.K.Cement, Fauji FertilizerXD, JSCo, Fauji Fertlizer Bin, Fatima Fert.CoXD, Bankislami Pakistan, Lucky Cement and Nimir Ind. Chemicals with turnover of 15.141 million, 14.691 million, 8.399 million, 7.281 million, 7.279 million, 7.030 million, 6.194 million and 5.794 million shares respectively.
UniLever PakXD and Mithchells Fruit were the highest price gainers of the day, increased by Rs 77.54 and Rs 12.42, while the top losers were led by Nestle Pakistan Ltd and Indus Dyeing, decreased by Rs 35.70and Rs 20.23 respectively.
Courtesy: The Nation