KARACHI - Profit-taking witnessed in stocks across the board post major earning announcements at KSE amid fears for possible hike in policy rate next week on rising CPI inflation data.
At local equity market bench mark KSE-100 share index shed by 73.07 points or 0.31 percent to stop the day at 23600.23 points compared to 23673.30 points of the last working day on Friday. An analyst said rising power tariff and its impact on industrial sector affected the sentiments despite strong earnings outlook. Higher government debt and fall in rupee dollar parity played a catalyst role in bearish sentiments at KSE despite higher global commodities.
Bearish activity continued amid institutional support in selected blue chip stocks in oil, banking and fertilizer sector during trading session on thin activity and consolidation in earning announcement session on rising economic uncertainty.
KSE-Allshare index off by 59.85 points or 0.35 percent to end the day at 16893.82 points, KSE-Allshare index decreased by 43.25 points or 0.24 percent to finish the day at 18359.03 points while KMI-30 share index misplaced by 85.27 points or 0.21 percent to conclude the days trading at 40725.49 points. Equity dealer M Rizawan said activity at Karachi Stock Market remained dull and fell by 49.49 point to close at 23,600 points level.
News of likely increase in gas prices for captive/ fertilizer plants negatively affected shares price of this sector. Better than expected cash dividend announced by HUBCO and rumors about better upcoming PSO result, nevertheless, helped market to recovere in the end. KAPCO, NBP, HUBCO and FCCL stood as the market volume leaders.
The turnover of stock market in term of shares was 155.883 million after opening at 152.536 million shares. Worth of traded shares climbed to Rs 8.575 billion from Rs 7.964 billion while the capitalisation of the market maintained at Rs 5.808 trillion after opening at Rs 5.829 trillion.
Stocks of 361 companies were traded on Monday where losers beat the gainers 218 to 125 while the value of 18 stocks remained intact. Rafhan Maize was the biggest loser of the day down by Rs 164 to Rs 5295 followed by Siemens Pakistan reduced by Rs 51.43 to Rs 1108.60. Nestle Pak and Wyeth Pak were the top price gainers of the day up Rs 100 to Rs 6460 and Rs 52.99 to Rs 2370.04.
Kot Addu Power topped the active list with 10.912 million shares off by Rs 1.26 to Rs 58.46. National Bank was on the second position with 10.869 million shares up by Re 0.23 to Rs 58.29. It was followed by Hub Power Company with 9.830 million shares grew by Rs 2.29 to Rs 71.61, Fauji Cement with 9.553 million shares misplaced Re 0.38 to Rs 14.97 and Bank of Punjab with 8.556 million shares lost Re 0.09 to Rs 13.63.