RECORDER REPORT
KARACHI: Mixed sentiments were witnessed on the Karachi share market Tuesday as investors opted for profit-taking in select scrips amid falling volumes. The benchmark KSE-100 index shed 11 points to close at 30,402.09 points.
Ahsan Mehanti, an analyst at Arif Habib Corporation, said stocks closed flat amid higher trades in second and third-tier stocks on reports of dismal current account deficit of $ 2.925 billion for 2013-14.
Deteriorating geo-political situation, dismal fertilizer sales data for June’14 and status quo in State Bank of Pakistan (SBP) policy announcement played a catalytic role in the bearish activity despite strong earning announcements in banking sector, he maintained.
During the intra-day trading, the index reached 30,476.50 points highest and 30,336.16 points lowest level. Following a bearish trend, volume at the ready counter decreased to 148.086 million shares compared to 193.700 million shares in previous session. Market capitalisation fell by Rs 5 billion to Rs 7.121 trillion against Rs 7.126 trillion a day earlier. Trading took place in 339 companies, of which 147 closed in green zone, 161 in red, while 31 landed in blue zone.
All top 10 volume leaders, except three, recorded a positive trend. B.O.Punjab emerged volume leader with 15.40 million shares, up Re 0.34 to close at Rs 9.12. Askari Bank stood second, up Re 0.01 to close at Rs 21.32 on 12.82 million shares. Maple Leaf Cement gained Re 0.56 to close at Rs 33.49 on 12.29 million shares.
Lafarge Pak posted a negative trend, down Re 0.21 to close at Rs 16.75 on 8.56 million shares. Fauji Cement with 6.42 million shares, closed at Rs 21.05, down Re 0.02. Adamjee Ins surged by Re 0.74 to close at Rs 50.11 on 6.38 million shares. Pak Elektron Ltd moved up by Rs 1.23 closed at Rs 30.83 on 6.11 million shares.
Faysal Bank moved up by Re 0.2 to close at Rs 16.91 on 4.56 million shares. With a trading volume of 4.13 million shares, National Bank closed at Rs 61.51, down Re 0.04. Avanceon Ltd recorded a negative trend, down Re 0.45 to close at Rs 30.74 on 3.27 million shares.
Bata (Pak) and Colgate Palmolive were the top gainers with Rs 98.00 and Rs 79.50 to close at Rs 3,348.00 and Rs 1,730.00, respectively. Pak Tobacco and Shezan Inter were the top losers with Rs 52.41 and Rs 50.63 to close at Rs 1,100.01 and Rs 969.37, respectively.
Rabab Khan, an analyst at Aba Ali Habib Securities, said mixed sentiments were seen in the market. Investors opted for profit-taking in select scrips and the local bourse witnessed a decreased of 11 points. This was mainly because of the roll-over week, she added.
