KARACHI- Pakistan stocks closed bearish in the quarter-end earning announcements session at KSE on Monday amid concerns for rising political uncertainty as the city undergoes targeted operations to deal with security unrest.
The benchmark KSE-100 share index was negative with 92.39 points or 0.41 percent to end the day at 22353. 20 point as compared to 22445.59 points. Analyst Ahsan Mahenti said record earning announcements by PSO and Fatima Fertilizers failed to change the sentiment as investors remained cautious awaiting SBP policy rate decisions after CPI data release for Oct’13 this week. Speculations ahead of key announcements on Privatisation of SOEs and 3G licence auctions in telecom sector supported the index to close above days low.
The KSE-All share index shed negative 38.39 points or 0.24 percent to end the day at 16289.19 points, KSE-30 share index also down by 94.54 points or 0.54 points to close the day at 16965 points while KMI-30 share index shed by 150.96 points or 0.40 percent to close the day at 37790.55 points. High and low were 22601.07 and 22281.12 respectively. After rally of 846 points last week some profit taking was seen at local bourse. Volumes remained skewed towards Wateen Telecom after its buy back started Monday.
Of 159m shares, Wateen witnessed 77m shares volume. PSO rallied after announcing surprised earnings of Rs31.57 while BAFL EPS of 2.46 were as per investors’ expectations. National Bank continued to witness selling pressure after September result announcement, said Samar Iqbal, Equity Sales Topline Securities. Stock market has witnessed many ups and down during the first trading day of week and closed in the negative zone.