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Karachi stock market loses 16 points on profit-taking

Thursday, November 25, 2010

KARACHI: The Karachi stock market continued to remain under the bearish spell on Wednesday due to profit-taking by institutions.

The Karachi Stock Exchange (KSE) 100-share index shed 16.26 points or 0.15 percent to close at 11,154.83 points as compared to the previous session’s 11,171.09 points. The KSE 30-share index closed at 10,768.51 points after opening at 10,822.62 points, shedding 54.11 points.

“The local bourse remained range-bound following the regional markets’ dull trend due to worries about geo political and financial issues,” said Topline Sec analyst Samar Iqbal. “Concerns about the upcoming monetary policy also pushed investors to book profits.”

The market turnover shed 0.73 percent to 153.97 million shares as compared with the previous session’s 155.11 million shares. The market capitalisation went down by 0.09 percent to Rs 3.045 trillion from its opening at Rs 3.048 trillion. Losers outnumbered gainers 180 to 191, while 25 stocks were unchanged.

“Bearish activity continued in scrips across-the-board on institutional profit-taking,” said Arif Habib Investment Ltd Director Ahsan Mehanti. “Fall in global equity markets, international oil prices near to $81, limited foreign interest, uncertainty over disbursement of next International Monetary Fund’s tranche for Pakistan’s economic support and concerns over monetary policy announcement next week played a catalyst role in the negative activity at KSE.”

The KSE 100 all-share index closed at 7758.20 points, losing 8.30 points. The KMI 30 closed at 17,857.91 points with a fall of 3.55 points.

“Concerns regarding impact of likely implementation of Reformed General Sales Tax on soaring inflation along with various variables suggesting likely increase in local interest rates subdued the release of high export numbers of textile products, which in turn caused offloading in textile sector stocks,” said Aziz Fida Husein and Co analyst Husnein Asghar Ali.

Jah Siddi and Co was the volume leader with 13.71 million shares as it closed at Rs 13.28 after opening at Rs 13.80, losing 52 paisas. Azgard Nine traded 13.17 million shares as it closed at Rs 11.39 from its opening at Rs 11.88, gaining 32 paisas. Lotte Pakistan PTA traded 12.70 million shares and witnessed no change in its share price of Rs 11.84. Arif Habib Corp traded 12.44 million shares as it closed at Rs 25.62 as against its opening at Rs 26.04, shedding 42 paisas. staff report

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