KARACHI - Stocks closed lower amid concerns for downgrade of foreign and local currency bond ratings to Caa1 from B3 by Moody’s on macroeconomic concerns, expert said here on Friday.
At local equity market benchmark KSE-100 share index misplaced 69.45 points or o0.48 percent to stop the day at 14,332.29 points as compared to 14,401.74 points of the previous day.
Stock analyst Ahsan Mehanti said panic selling witnessed in the second session in stocks across the board ahead of major corporate earning announcements at KSE due next week.
Institutional support witnessed in blue chip stocks on improvement in Pak-US relation despite concerns for Supreme Court action for NRO implementation case against the PM, he added.
KSE-Allshare index lost 46.81 points or 0.46 percent to end the trading session at 10,082.88 points, KSE-30 share index shed by 89.72 points or 0.72 percent to conclude the day at 12,402.31 points while KMI-30 share index decreased 145.36 points or 0.59 percent to settle at 24,679.80 points.
Stock market turnover climbed to 111.919 million shares from 109.104 million shares a day earlier and the value of traded shares minimized to Rs 4.425 billion from Rs 4.629 billion. The stock market capitalisation settled at Rs 3.654 trillion as compared to Rs 3.671 trillion of a day earlier.
Business took place in 364 companies where 104 closed in positive and 141 in negative while the values of 119 stocks remained intact. Rafhan Maize Product was the biggest price gainer of the day higher by Rs 127.73 to Rs 3327.73 followed by Colgate Palmolive added Rs 37.07 to Rs 1239.95. The major declines were seen in UniLiver Pak and Siemens Pakistan off Rs 103.50 to Rs 7110.00 and Rs 13.83 to Rs 666.57.
Dera Ghazi Khan Cement was again the volume leader of the day on last working day of trading week with 24.177 million shares added Re 0.43 to Rs 43.49. Fauji Fertilizer Bin Qasim was on the second position with 10.554 million shares shed by Rs 1.88 to Rs 38.72. It was followed by Fatima Fertilizer Company with 7.423 million shares lost Re 0.09 to Rs 25.00, Engro Foods Limited with 6.389 million shares off Rs 3.36 to Rs 66.50 and NIB Bank Limited with 6.104 million shares gained Re 0.13 to Rs 2.32.
Stock dealer Samar Iqbal said market closed meagrely positive on week-on-week basis amid mixed news on political and economic fronts. The key highlights remained SC hearing on contempt of court case, FFBL disappointed half year result and Moody’s downgraded Pakistan’s government bond ratings by 1 notch dented investors sentiments which over shadowed positive outcome of SECP and KSE meeting.