RECORDER REPORT
KARACHI: A bearish trend pervaded the stock market Tuesday as the benchmark KSE 100-index shed another 93.22 points or 0.30 percent to close at 31,223.74 points against 31,316.96 points Monday.
Analysts said stocks closed lower amid institutional profit-taking ahead of a protest rally called by Pakistan Tehrik-e-Insaf for November 30, 2014.
They said political uncertainty, dismal data on LSM growth at 1.86 percent YoY Jul-Sept 14 and impact of circular debt on energy sector for power tariff cut by Nepra played a catalytic role in bearish activity at KSE.
During intraday trading, the KSE-100 index remained sporadic, touching highest level of 31,318.49 points and plunged to 30,942.86 points at lowest level.
The KSE-100 index closed at 31,223.74 points, down by 0.30 percent or 93.22 points as compared to 31,316.96 points Monday. Among top 10 volume leaders, four companies recorded a negative trend.
Trading took place in 370 scrips, of which 156 closed in positive and 194 scrips with minus signs while the value of 20 scrips remained unchanged.
Jah.Sidd.Co emerged the volume leader on 16.17 million shares, up Re. 0.32 to close at Rs. 16.41 while P.I.A.C (A) stood second, down Re. 0.05 to close at Rs. 7.06 on 11.86 million shares. Maple Leaf Cement closed at Rs. 33.67, up Re. 0.60 on 8.98 million shares.
Engro Corp gained Rs. 8.72 to close at Rs. 207.57 on 7.70 million shares. Hum Network XD climbed by Re. 0.22 to close at Rs. 15.76 on 7.51 million shares. Engro Fertilize Ltd surged by Re. 0.35 to close at Rs. 62.43 on 7.06 million shares.
Sui North Gas closed at Rs. 23.43, down Re. 0.18 on 5.21 million shares. Japan Power gained Re. 0.09 to close at Rs. 3.20 on 4.09 million shares. Lalpir Power closed at Rs. 25.47, down Re. 0.46 on 3.73 million shares. Engro Foods Ltd moved up by Re. 0.83 to close at Rs. 99.36 on 3.73 million shares.
Exide (PAK) and Pak Tobacco XD were the top gainers with Rs. 63.93 and Rs. 32.97 to close at Rs. 1,999.64 and Rs. 945.80, respectively.
Rafhan Maize and Service Ind Ltd were the worst losers with Rs 100 and Rs 49.71 to close at Rs 10,300 and Rs. 944.55, respectively.
