KARACHI - Stocks battered in the earning announcement session at KSE after major fall in global stocks.
At local equity market benchmark KSE 100 index declined by 195 points to close at 26751.45 level with slow down in participation. Equity expert Ahsan Mehanti said that selected stocks in textiles and cement sectors supported the index to close above days low after record results and expectations for record exports after GSP plus status granted by EU.
Limited foreign interest, concerns for rising circular debt in energy sector played a catalyst role in bearish activity despite improved CPI Inflation data at 7.9pc YoY for Jan’13, he added. KSE-Allshare index down by 228.17 points to end the day at 20037.72, points, KSE-30 share index misplaced 131.68 points or 0.68 percent to stop the trading at 19319.01 points while KMI-30 share index off by 305.20 points or 0.68 percent to conclude the session at 44258.64 level.
Volumes during the day fell by 22pc to Rs 8.689 billion compared to Rs 11.154 billion of a day earlier. Total 300.156 million shares traded during the day after opening at 292.124 million shares and the capitalisation of the market settled at Rs 6.539 trillion. Equity dealers said spillover effect of under pressure regional markets was seen at the local bourse. PSO remained in the limelight on the back of potential deregulation of Motor Spirit (Petrol) prices, the scrip touched a high of Rs 352 and closed with 1pc gain. Conversely, major pressure was seen index heavy weights like OGDC, PPL, MCB, FFC and LUCK amongst others. Market volumes were led by JSCL, ANL and BYCO. Out of 383 companies, 116 closed in positive and 252 in negative while the value of 15 stocks remained intact. Nestle Pak was the biggest price loser of the day decreased byRs 592.80 to Rs 11263.20 followed by Bata (Pak) off by Rs 163.99 to Rs 3116.01. Murree Brewery and Siemens Pakistan were the top price gainers of the day up by Rs 22.70 to Rs 863.99 and Rs 22.24 to Rs 1357.95. Active list was again topped by JS Co with 60.629 million shares as it closed at Rs 13.09 to Rs 12.30. Azgard Nine as on the second position with 24.155 million shares off by Re 0.31 to Rs 9.46. It was followed by Byco Petroleum with 18.633 million shares shed by Re 0.35 to Rs 10.66, Power Cement Ltd with 11.295 million shares grew by Re 0.35 to Rs 8.36 and Pace (Pak) Limited with 8.989 million shares up by Re 0.04 to Rs 4.60.