Index lower by 50 points - Karachi Stock Exchange
KARACHI: The stock market Wednesday remained under pressure through the day’s trade to end 50 points lower to close 33845.30 points level with significantly lower volumes.
Amongst significant news, Toyota Japan exhibited interest in increasing its stake in its subsidiaries up to 80%, reflecting in a positive run in INDU which hit its upper circuit in the early period of the first half.
The recent pressure in global crude oil prices resulted in a continued pressure on the Oil & Gas sector. PAEL and PIBTL witnessed profit-taking to end 1.3% and 1.9% lower. In the Cement sector, the negative sentiment expressed through DGKC’s expansion policy continued as most significant scripts remained under pressure and ended in the red. The news of GIDC being approved by the National Assembly further dampened the sentiment in major cement scripts, commented analyst Muhammed Mobeen.
Stocks closed bearish amid thin trade at KSE led by oil, cement and banking stocks on weak earnings outlook. Lower international oil prices, falling local cement prices amid rumors on cartel breakup and falling banking spreads near 5.8pc played a catalyst role in bearish activity at KSE despite upbeat earnings in banking, pharma and cement sector stocks announced in the trading session, stated analyst Ahsan Mehanti.
Volume lower to 140 mn shares compared to 166 mn shares traded in previous day session. Of total 368 traded companies in market 131 finished in advance, 218 in decline while 19 remained unchanged.
Jah. Siddi.Co was volume leader in the market with 12.01 mn shares and price per share Rs22.05, followed by PIA with 9.74 mn shares and price per share Rs10.12 and Lafarge Pak with 9.67 mn shares and per share price Rs18.01 were in spotlight in market.
Highest increase witnessed in the shares of Unilever Foods which rose by Rs300.00 to Rs9100.00 followed by Indus Motor that share appreciated by Rs49.63 to Rs1042.40.
Rafhan Maize which shares decreased by Rs247.89 to Rs10701.11 and Exide (PAK) that fells by Rs54.69 to Rs1244.10 were among top decliners in market.
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