KARACHI

Stocks closed lower amid profit-taking in blue chip banking and oil scrips on concerns for political uncertainty and rupee instability following hard stance by opposition leaders to derail government in the Inqilab March and Azadi March call, analyst observed here on Monday.

The KSE benchmark 100-share index misplaced 65.60 points or 0.23 percent to end the trading at 28852.15 points compared to 28917.75 points of the last working day on Friday.  Ahsan Mehanti equity expert at Arif Habib Corp said that investors’ fears on political turmoil and uncertainty over outcome of IMF talks for release of $550m fifth tranche due later this month played a catalyst role in bearish activity on cautious note in the earnings announcement session.

KSE-Allshare index shed 80.23 points or 0.38 percent to end the trading at 21113.97 points, KSE-30 index off by 78.21 points or 0.39 percent to stop the day at 20071.04 points while KMI-30 index fell by 109.27 points or 0.23 percent to conclude the session at 46719.27 points.

Trading took place in 341 companies where 150 companies closed in positive and 171 in negative while the value of 20 stocks remained intact. Bata (Pak) was the biggest price loser of the day decreased by Rs 130 to Rs 3300 followed by Pak Tobacco down by Rs 38.49 to Rs 1000.51. Rafhan Maize and Island Textile were the top price gainers of the day up by Rs 100 to Rs 10500 and Rs 40 to Rs 900.

Samar Iqbal AVP at Topline said market moved in both positive and negative territory as investors still remained confused on the ongoing political situation in Islamabad.

Market moved in a broad band of 500 points signaling that investors need concrete development on the ongoing protests by few opposition parties. Volume showed slight improvement to 116m shares, value also rose to $73m. PPL witnessed healthy volume amid institutional activity, she added.

Active list was topped by Bank of Punjab with 14.789 million shares as it closed at Rs 8.18 after opening at 8.06. Maple Leaf Cement was the second highest on volume chart with 6.456 million shares add Re 0.75 to Rs 27.97. It was followed by Lafarge Pak with 6.093 million shares marginally up by Re 0.01 to Rs 15.61, Pak Petroleum with 5.130 million shares off by Rs 2.98 to Rs 223.82 and Fauji Cement with 4.625 million shares lost Re 0.09 to Rs 20.01.  

 

Bugs harm cotton quality, yield

LAHORE (APP): Cotton growers are advised to take timely steps to protect the crop from attacks of red and dusky cotton bug.

A spokesman for the department said on Monday the insects harm the quality of cotton and its yield. Attack of red and dusky cotton bug increases in humid weather and farmers should be vigilant till November and follow the guidlines of the Punjab agriculture department to prevent the crop from damage.