KARACHI - Stocks fell at Karachi Stock Exchange on institutional profit-taking as hopes dim over reduction in SBP key policy rates on fears for double digit inflation for next fiscal year, experts said here on Friday.
At local equity market benchmark KSE-100 share index shed 158.60 points or 1.16 percent to finish the day’s trading at 13,558.70 point as compared to 13,717.30 points of the previous day.
Equity dealer at Topline Securities Samar Iqbal said news that CGT ordinance has been challenged in the court forced investors to aggressively offload their shares. Across the board selling was witnessed with major pressure was seen in cement stocks like DGKC that fell by 2.7pc with a volume of 13 million shares. While oil stocks fell amid declining international oil prices. KSE-Allshare index misplaced 106.65 points or 1.10 percent to stop the day at 9,550.94 points, KSE-30 share index off 162.18 points or 1.37 percent to close the day at 11,708.96 points while KMI-30 share index decreased 282.36 points or 1.19 percent to end the day at 23,466.87 points.
Analyst said stocks fell across the board on limited foreign interest, fall in global stocks and commodities, concerns over fall in rupee dollar parity.
Bourse traded 124.437 million shares after opening at 110.652 million shares and the value of trading shares was Rs 4.019 billion as compared to Rs 2.759 billion of the previous session. Trading took place in 353 companies where loser out numbered the gainers 195 too 80 while the values of 78 stocks remain intact.
JS.Co was the top traded company of the day with 21.968 million shares as it closed at Rs 13.93 after opening at Rs 13.03. Followed by DGK Cement with 13.087 million shares shed Rs 1.28 to close at Rs 39.82, Engro Corporation with 7.409 million shares off Rs 1.82 to end at Rs 108.44, Azgard Nine with 7.168 million shares added Re 0.35 to stop at Rs 5.97 and JS Investment Ltd with 6.080 million shares gained Re 0.81 to finish at Rs 7.61.
Rafhan MaizeXD and Mithchells Fruit were the highest price gainers of the day increased by Rs 132.97 and Rs 16.45 while the top losers were led by UniLever Pak and Sanofi-Aventis Pak decreased by Rs 51.50 and Rs 9.13 respectively.
Experts said tumbling global stocks outweigh the stock market related positive budgetary measures and market closed 2.3pc down on WoW basis. In the absence of any trigger investors remained on the sidelines as volumes fell by 40pc to Rs.3.2b.