KSE sheds 71 points on institutional profit-taking

KARACHI - Stocks closed lower amid thin trade as investors remained cautious ahead of Supreme Court judgment on Speakers ruling case against PM, said stock analyst here on Tuesday. At Karachi stock market benchmark KSE-100 share index lost 71.14 points or 0.52 percent to settled at 13,682.99 points as compared to the 13,754.13 points of the previous day.  Dealer at Topline Securities M Rizwan said another dull session was witnessed at KSE today with uncertainty on the political front remaining at front seat.Moreover, news regarding diversion of gas from captive power plant to IPP’s, created selling pressure in few stocks like cement, textile etc. Further uncertainly on foreign flows also kept investors side lined, he added. KSE-Allshare index misplaced 48.55 points or 0.50 percent to close the day at 9,638.80 points, KSE-30 share index dropped 44.70 points or 0.38 percent to finish the day at 11,852.50 points while KMI-30 share index misplaced 84.20 points or 0.35 percent to conclude the day’s trading at 23,705.78 points. Stock analyst Ahsan Mehanti observed institutional profit-taking continued from early session on macroeconomics concerns for rising current account deficits despite hopes for improvement in Pak-US ties on resumption of NATO supplies.Lower global commodities, limited foreign interest played a catalyst role in bearish sentiments at KSE, further he added. Market traded 75.992 million shares after opening at 70.961 million shares and the value of trading shares was shrunk to Rs 2.547 billion from Rs 3.052 billion while the market capitalisation descended to Rs 3.492 trillion as compared to 3.510 trillion of a day earlier. Business took place in 333 companies where losers managed strong lead over gainers 181 to 77 while the values of 75 stocks remained intact. The steepest decline was noted in Rafhan Maize Product down by Rs 138.81 to Rs 2861.19 followed by Colgate Palmolive down by Rs 47 to Rs 903. The major gainers included Wyeth Pak Limited up by Rs 8.44 to Rs 859.00 and Mari Gas Company higher by Rs 2.92 to Rs 92.91.JS.Co was again on the list of top ten volume leaders with 10.057 million shares as it closed at Rs 13.46 after opening at Rs 13.40 up by Re 0.06. KESC was on the second position with 7.084 million shares off Re 0.31 to Rs 2.76. It was followed by Nishat Chun Power with 5.527 million shares lost Re 0.05 to Rs 15.15, DGK Cement with 5.055 million shares shed Re 0.88 to Rs 40.34 and Engro Foods Limited with 5.032 million shares down Re 0.96 to Rs 66.96.

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