KARACHI - Stocks closed amid higher trades led by telecom stocks on expectations for increase in LDI segment tariff and early 3G (3rd Generation) licence auction as the country faces $520m loan repayments to IMF this month.
At local equity market benchmark KSE-100 share index gained 21.84 points or 0.13 percent to stop the day’s trading at 17,288.07 points as compared to 17,266.23 points of the last working day on Friday.
Analysts said consolidation continued amid concerns on opposition sit-in for empowerment of election commission, weak cement dispatch data and falling global stocks on weak US employment data. Lower CPI data for Jan ‘12 and speculations for cut in policy rate in SBP announcement due this week played a catalyst role in positive close at KSE.
KSE-Allshare index shed by 3.43 points or 0.03 percent to end the day at 12,211.35 points. KSE-30 share index up by 16.57 points or 0.12 percent to finish the day at 14,123.23 points while KMI-30 share index increased y 57.98 points or 0.19 percent to close the day at 29,806.21 points.
Dealers said Telecom sector remained in the limelight as investors expect December quarter earnings will be better due to increase in international call rates. Most of the volume remained focused towards TELE Card and PTC. Engro Foods closed at 5pc upper limit due to renewed institutional buying.
The Karachi stock market traded 251.751 million shares after opening at 142.383 million shares and the value of traded shares was climbed to Rs 4.861 billion from Rs 3.916 billion. Bourse capitalisation settled at Rs 4.328 trillion compared to Rs 4.328 trillion of previous session. Trading took place in 343 companies where gainers beat the losers 172 to 144 while the value of 27 stocks remained intact. Nestle Pakistan was the top loser of the day down by Rs 285.50 to Rs 4911.50 followed by Indus Dyeing down by Rs 31.40 to Rs 597.50. Bata (Pak) and Fazal Textile were the top gainers of the day up by Rs 15.01 to Rs 1400 and Rs 13.51 to Rs 283.80.
Telecard Limited was the volume leader of the day with 37.391 million shares as it closed at Rs 4.43 after opening at Rs 3.65. It was followed by PTCLA with 28.102 million shares. It was followed by Pace (Pak) Ltd with 22.615m shares up by Re 0.37 to Rs 3.48, Lotte PakPTA with 20.799 million shares grew by Re 0.38 to Rs 7.72 and Maple Leaf Cement with 19.815m shares shed by Re 0.51 to Rs 17.39.