RECORDER REPORT
KARACHI: The Karachi share market ended negative Thursday after gaining 455 points a day earlier. The KSE-100 index lost 34 points to close at 33,456.74 compared to 33,490.65 Wednesday.
The bearish market moved both ways with the index hitting the intraday high and low of 33,711.19 and 33,399.71 points, respectively.
The trading turnover dipped to 348 million shares from the previous 354 million while the value traded depreciated to Rs 16.9 billion from Rs 17.5 billion of last session.
Of the total 354 scrips, 123 went up, 217 went down while 14 stayed unchanged. The market capitalisation also decreased to Rs 7.253 trillion against Rs 7.269 trillion of the earlier session.
“Stocks closed lower at KSE amid institutional profit-taking in overbought market,” viewed Ahsan Mehanti of Arif Habib Corp.
The foreign investors bought net portfolio worth $ 1.6 million.
Support in select banking and oil stocks led the index to close above session lows, he added.
Renewed concerns for Yemen conflict, political uncertainty on prevailing judicial proceedings, tense situation in NA 246 by-polls in the city played a catalytic role in the day’s bearish activity, Mehanti said.
KASB Bank, up to Rs 3.28 per share, appeared volume leader with 50 million of its listed shares traded. Other best performers were Bank of Punjab 30.5 million, Pak Elektron 25.9 million, K-Electric 24 million, Byco Petroleum 18.8 million, D.G Khan Cement 18.1 million, Fauji Cement 17.3 million, Askari Bank 13 million, TRG Pakistan 9 million and Maple Leaf Cement 8.5 million shares.
The futures trade slid to 61 million contracts from 68.7 million of the previous trading session.
Mohammad Rizwan of Topline Securities saw decent activity in OMCs and IPPs like PSO and HUBCO after the government showed its intentions to cap circular debt at Rs 250 billion.
The OGDC’s March earnings remained as per analysts’ estimations. The company announced Rs 1.75 dividend. Muhammad Mobeen of JS Global said the index remained volatile after an initial spike of 222 points.
BAFL, up 2.6 percent, generated investor interest today after it announced healthy earnings of Rs1.24 per share and hence opened near its upper lock. Byco again remained amongst the volume leaders along with BOP as investors anticipated healthy earnings.
Going forward, the analysts expect the market to remain volatile due to the result season.
