Karachi Stocks Down 157.74 Points:
KARACHI, June 12: At close of trading, the KSE-100 index was at 13443.72, down 157.74 points.
5 TOP GAINERS & LOOSERS:
KSE-100 index loses 61 points on investor worriesKARACHI, June 13: The benchmark KSE-100 index lost another 60.67 points or 0.45 per cent on Wednesday, as investors worried over the political, law and order and economic situation.
The sell-off was triggered last week when the index plunged by a massive 318 points. The slight recovery noted on Monday was wiped out by the pull back by a cumulative 233 points or 1.71 points on Tuesday and Wednesday.
“Investors concerns have been heightened over the deteriorating situation on almost all important fronts,” lamented a stock broker, adding that the bears were making it tough for investors to pick profitable stocks. That had pushed nervous retail investors on the sidelines with an immense pressure on the volumes.
The KSE-100 index closed at 13,368.89 points, showing steep drop of over 500 points in last eight sessions. On technical charts the view differed. A few analysts expressed concern that if index fails to hold ground, it could break below the 13,000 points level. But others were held on to optimistic view. They hoped that bulls could attempt to regain control at 13,203.
However, a couple of market experts said that with high dividend yield stocks dipping to attractive valuations, the stocks
could rebound earlier.
On Wednesday, the index surged by 163 points intraday before finishing on a negative note. While institutions were net buyers of $3.36 million and individuals also purchased $1.09 million worth stocks, foreign investors sold to the tune of
“It is the incessant foreign sell-off that has kept local investors on the edge of their nerves,” says a market participant.
Samar Iqbal, equity dealer at Topline Securities, commented that the market had remained under pressure due to continuous foreign selling. Weak global markets and deadlock in Pakistan-US talks on Nato issue also affected market sentiment.
Analysts affirmed that aggressive selling was seen in heavyweight Engro Corp, OGDC, PSO and POL, that put pressure on benchmark. Ahsan Mehanti at Arif Habib Corp observed that the Pakistan stocks had closed lower amid thin trade on concerns over security situation in Karachi.
Institutional support was witnessed in early session on hopes of improvement in Pakistan-US ties after US was reported to have agreed to send Nato negotiators for talks with Pakistan on supply route issue. Lower global commodities, limited foreign interest and renewed concerns for allegations on judiciary played a catalyst role in bearish sentiments at KSE, he said.
The KSE-30 index slipped by 58.72 points to 11,499.50 and the market capitalisation decreased by Rs14 billion on Wednesday to Rs3.415 trillion, from Rs3.429 trillion the day earlier. Volumes again remained low at 78 million shares,
compared to 71 million shares traded the previous day. The falling stocks stood at 133 against the 110 gainers with 79 scrips unchanged.
The biggest fall of Rs18.99 was recorded in Indus Dyeing, which ended at Rs375.99, followed by Millat Tractors that slid by Rs5.34 to Rs472.82. On the advancing side, UniLever Pak added Rs217.50 to Rs7,380 and Phillip Morris Pak edged up by
Rs7.89 to Rs165.80.
On the active list, Engro Corporation topped with 10m shares, down by Rs4.99 to Rs102.13. Bank Al-Falah increased by 28 paisa to Rs16.40 on 6m shares, PTCL eased by 5 paisa to Rs13.84 on 6m shares, Hub Power Company gained 55 paisa to
Rs40.77 on 5m shares, Jah.Sidd.Co lost 31 paisa to Rs13.77 on 4m shares, Engro Foods fell by Rs1.79 to Rs61.38 on 4m shares, DG Khan Cement rose by 32 paisa to Rs39.75 on 4m shares, Lucky Cement declined by Rs1.65 to Rs115.72 on 2m shares, Fauji Fertiliser gave up 69 paisa to Rs106.23 on 2m shares and NIB Bank closed unchanged at Rs1.99, after oscillating between the high of Rs2.02 and low of Rs1.98 on 2m shares.