KARACHI - Profit taking witnessed at the overbought market on Thursday after rupee hit 8-month high on Pakistan Development Fund receipts.
KSE’s benchmark 100-share index lost 107.82 points or 0.37 per cent to stop the trading at 29350.34 points as compared to 29458.15 points of the previous day.
Analyst said that textile stocks battered as rupee recovered sharply impacting export prospects for the sector followed by oil exploration and energy stocks recording turnover in USD.
Limited foreign interest, security unrest in the country played a catalyst role in bearish sentiments despite improved economic data and record remittances for July-Feb’14. KSE-allshare shed 60.68 points or 0.28 per cent to finish the day at 21969.95 points, KSE 30-index went down by 76.45 points or 0.37 per cent to close the trading at 20493.17 points while KMI-30 lost 348.99 points or 0.74 per cent to end the day at 46701.96 points or 0.74 percent. Equity expert Smar Iqbal at Topline said in spite of receiving $2b on account of Eurobond sale, local bourse witnessed some profit taking amid disappointed March quarter results and Wednesday’s historic high. Traded value in rupee terms also increased by 21% to Rs.17b last seen in July 2013. Index heavyweights oil and cement sectors witnessed selling pressure. POL, APL and NRL announced their below-expectation results while ATRL’s earnings remained better than market consensus.
Banking stocks remained on investors’ radar as scrips like UBL, MCB, ABL and FABL remained in the limelight. AKBL also announced better-than-expected March quarter result and gained 4% at close.
Volumes traded 496m shares is highest in 10 months against 391.632 million shares while the traded value climbed to Rs 17.036 billion from Rs 14.061 billion. Market capitalization settled at Rs 7.062 trillion as compared to Rs 7.082 trillion recorded in the last session. Out of 371 active companies, 243 closed in negative and 112 in positive while the values of 16 stocks remained intact. Rafhan Maize reflected the highest decrease, down by Rs 451.50 to Rs 10500, followed by Bata (Pak) XD, shed Rs 44.34 to Rs 3223.58. Unilever FoodXD and Nestle Pak XD were the biggest price gainers of the day, up by Rs 303.03 to Rs 8989.89 and Rs 89 to Rs 8200. Active list was topped by K-Electric where it was transacted 99 million shares alone and share price rose by Re 0.29 to Rs 7.12. Followed by NIB Bank Limited with 48.607 million shares, closing Re 0.03 up to Rs.88, FABL with 28.085 million shares shares, gained Re 0.35 to Rs 17.05.
TRG Pakistan Ltd with 21.034 million shares, up by Re 0.15 to 15.43 and JS Co with 14.715 million shares, off by Re 0.31 to Rs 13.25.