RECORDER REPORT
KARACHI: The Karachi share market Monday witnessed a volatile session on concerns over the reaction of the UAE government on Pakistan’s decision on Yemen. The benchmark KSE-100 lost 102.48 points to end at 32,248 points.
Ahsan Mehanti, Director Arif Habib Securities said sentiments remained weak at KSE on concerns over political and economic implications of Pak-GCC relations following parliament decision to part ways from Yemen crisis.
He said the dismal cement sales data for March’15, huge local institutional pledge for HBL offer for sale by government and profit-taking in select stocks across-the-board played a catalyst role in bearish activity at KSE.
Volume at KSE-100 index clocked in at 263.55 million shares, up by 4 percent. Trading value at the local bourse decreased to Rs 14 billion against Rs 15 billion in the previous session. Out of 361 active scrips, 137 advanced, 204 declined while the value of 20 scrips remained unchanged. Market capitalisation declined by Rs 30 billion to Rs 7.086 trillion.
Fahad Hussain Khan, an analyst at Adam Securities Private Limited said that local bourse witnessed ups and downs in first session of the week as investors started liquidating their profitable positions after the reports that Prime Minister Nawaz Sharif likely to issue important statement on Yemen issue. He said the advance to decline ratio in the broader market remained in favour of bears.
Among top 10 volume leaders, five companies recorded a negative trend. With 33 million shares, Jah. Sidd. Co emerged the volume leader, down Rs 1.11 to close at Rs 21.28. Pak Elektron stood second, up Re 0.92 to close at Rs 58.86 on 31 million shares. K-Electric ranked third with 28 million shares, gaining Re 0.04 to Rs 7.49.
Fauji Cement closed at Rs 32.24, down Re 0.30 on 25 million shares. Some 19 million shares of Maple Leaf Cement were traded and the scrip moved up by Rs 2.95 to Rs 63.63. Lafarge Pak gained Re 0.66 to Rs 16.55 on 10 million shares. With 9 million shares, Pak Int. Bulk decreased by Rs 1.31 to Rs 33.85. Byco Petroleum closed at Rs 10.00, losing Re 0.13 on 6.2 million shares.
United BankXD moved up by Rs 3.07 to Rs 163.76 on 5.9 million shares and with some 6.3 million shares trading, DG Khan Cement closed at Rs 127.17, declined by Rs 1.45.
Hinopak Motor and Mithchells Fruit were the top gainers with Rs 44.32 and Rs 19.16 to close at Rs 930.82 and Rs 525.00, respectively. Exide (Pak) and Indus Dyeing XD were the top losers with Rs 58.50 and Rs 32.09 to close at Rs 1,111.51 and Rs 625.00, respectively.
“Pakistan market remained volatile as investors were concerned over the reaction of UAE government on Pakistan’s decision on Yemen,” said Samar Iqbal Vice President Equity Sales Topline Securities.
Oil and banks remained under pressure as investors preferred to trim their portfolios. Refinery stocks rallied with ATRL up 4.5 percent and NRL up 1.8 percent after better than expected March results. POL also increased by 0.87 percent with 1.2 million shares after March earnings announcement, she added.
In contrast to the entire cement sector, MLCF kept on increasing amid institutional support as accumulation is seen in anticipation of better earnings for March quarter. Maple Leaf with 19m shares went up 4.8 percent, she said.
