KARACHI – The Karachi stock market closed lower in the earnings announcement session on Thursday as investors awaited announcements on revised CGT regime.
The benchmark KSE 100-share index shed 8.48 points or 0.06 percent to conclude the day’s trading at 13,929.47 points as compared to 13937.95 points of the last working day.
Market analyst observed that stronger corporate earnings in oil and cement sectors invited limited institutional support. Concerns loomed over uncertain economic outlook and limited foreign interest as global commodities showed falling trend.
KSE Allshare-index fell 7.48 points or 0.08 percent to end the day at 9794.91 points, KSE 30-share index shed 26.27 points or 0.22 percent to finish the day at 12179.78 points while the KMI 30-share index decreased by 33.39 points or 0.14 percent to stop the day at 24061.12 level.
“Selling in E&P stocks and Engro led market to fall marginally. Investors are still confused about the timings of the president ordinance of the gains tax. DGKC remained in the limelight and closed at upper limit due to hope of better full year result. Similarly Engro Foods also closed at its upper limit after better than expected quarter result,” said equity dealer at KSE.
Volume of business extended to 307,931 million shares, up from 261,515 million shares of a day earlier. 382 companies participated in the trading session where losers beat the gainers by 166 to 141 while the values of 75 companies remained unchanged.
Azgard Nine was the top traded company of the day with 45,303 million shares as it closed at Rs 9.34, down by Re 0.15. It was followed by Bank Al-Falah XD, JS Co, D.G.K.Cement and Fauji Cement with turnover of 30,260 million, 26,167 million, 20,827 million and 19,463 million shares respectively.
Rafhan MaizeXD and UniLever Pak Ltd were the biggest price gainers of the day, increased by Rs 127.38 and Rs 96.40, while the top losers were led by Nestle PakXD and Attock PetroleumXD, decreased by Rs 61.40 and Rs 13.30 in that order.