KARACHI - Stocks closed lower amid profit-taking after reports of Moody’s analysing latest political strife as credit negative impacting structural reforms and disrupting IMF programme talks.
The KSE benchmark 100-share index shed 90.52 points or 0.31 percent to end the day at 29513.78 points compared to 29604.30 points of a day earlier.
Ahsan Mehanti analyst at Arif Habib Corp said Chinese President’s visit cancellation, political deadlock in the ongoing demands for PM resignation, political crisis and reluctance from foreign investors played a catalyst role in bearish activity at KSE despite record earnings in oil and cement sectors announced during the week and favorable CPI data for August '14.
KSE-Allshare index reduced by 53.37 points or 0.25 percent to stop the trading at 21715.43 points, KSE-30 index off by 80.98 points or 0.39 percent to finish the trading at 20450.78 points while KMI-30 index fell by 206.52 points or 0.42 percent to conclude the session at 48409.42 points.
Samar Iqbal AVP at Topline Securities said investors preferred to book profit after heated debate in Parliament between Government and opposition parties. Institutional activity was seen in EFERT as it once again remained the most active scrip while KOHC closed at lower limit after announcing less than expected cash dividend, while June earnings remained at par with consensus.
Market traded 151.894 million shares after opening at 223.173 million shares and the value of traded shares was fell to Rs 8.170 billion from Rs 11.971 billion. The capitalisation of the local equity market maintained at Rs 6.941 trillion compared to Rs 6.959 trillion of a day earlier.
Trading took place in 368 companies where 157 closed in green and 189 in negative while the value of 22 stocks remained intact. Wyeth Pak Ltd was the top price gainer of the day increased by Rs 190.40 to Rs 3998.48 followed by Bata (Pak) up by Rs 85 to Rs 3350. Colgate Palm SPOT and Sanofi-Aventis were the biggest price losers of the day decreased by Rs 68.74 to Rs 1585.01 and Rs 20.08 to Rs 625.
Active list was topped by Pak Elektron Ltd with 13.690 million shares shed Re 0.36 to Rs 33.44. TRG Pak Ltd was the second highest on volume chart with 12.380 million shares higher by Re 0.38 to Rs 11.58. It was followed by Engro Fertilizer with 12.256 million shares fell by Re 0.91 to Rs 53.79, Faysal Bank Ltd with 9.370 million shares up by Re 0.83 to Rs 16.57 and JS Co with 7.686 million shares increased by Re 0.17 to Rs 10.61.