Stock market gives back gains after blasts

KARACHI - Karachi Stock Exchange faced selling pressure during second session on Friday and lost 32.48 points to close at 7,059.48 level as the news of suicide attack on Jamia Naeemia hit the market.
The KSE-100 index remained in green zone during the first session but landed into red zone when news of bomb explosions in Lahore and Noshehra were put on air.
Generally, all financial markets tread either side ways or gave a muted session before the final days of the budget and KSE-100 index was no exception.
Low volumes and an index movement within a band of 100 points was the theme of the day.
The KSE-100 index kicked-off the day with a gain of 37.28 points but was unable to sustain the positive note, closing 32.48 points down at 7,059.48 points. Jobbers, punters and day traders were seen in blue-chip stocks, which then helped the bourse in generating mediocre volumes. Institutions and long-term individual investors preferred to be on the lines till the budgets interpretation and impact is understood on the micro and macro levels of the economy. Economic managers and market pundits are expecting a neutral budget, with no major taxes to be levied on the already taxed economy. However, being under the IMF programme, it would be a dash difficult to deduce what may transpire on the budget day.
Trading activity was slightly higher from the last trading session as the market turnover increased to 125.791m shares against last trading sessions 114.036m shares. Total trading value of the stock market came down to Rs5.034b as compared to Rs6.278b.
Market capitalisation also decreased to Rs 2.082 tr from Rs 2.100 tr. Moreover, of 299 actively traded scrips at the KSE, as many as 141 managed to advance, 135 declined while the value of the share of 21 cos remained unchanged.
JSCL was observed as the volume leader of the day with a turnover of 17.775 million shares on Friday. Other noted shares include DGKC with 13.332m shares, Nishat Mills 8.028m shares, AHSL 5.560m shares, Azgard Nine 4.971m shares, Lucky Cement 4.335m shares, MCB Bank 4.085m shares, PTCL 3.785m shares, Fauji Cement 3.654m shares namely.
Leading gainers include Unilever, up by Rs49.96/share with the trading of only 40 shares, ICI Pakistan added Rs6.26/share and closed at Rs150.90, Fazal Textile gained Rs5/share and its value was improved to Rs375, Ferozsons Lab added Rs4/share, closing at Rs150, Engro Chemicals added Rs2.80/share and closed at Rs132, Atlas Honda added Rs2.67/share and closed at Rs102.78, Fauji Fertilizer gained Rs2.29/share.
Conversely, Nestle Pak lost Rs35/share with the trading of only 200 shares on Friday, Pak Services down by Rs8.07/share and closed at Rs153.43, Exide Pak lost Rs7.09/share, closing at Rs143, National Refinery down by Rs4.61/share and its value was decreased to Rs204.66, Millat Tractors lost Rs3.77/share and closed at Rs285.47, Searle Pak lost Rs2.89/share, closing at Rs55.11, MCB Bank lost Rs2.76/share and closed at Rs148.24.