Uncertainty in Stock Exchange
KARACHI;-Market remained volatile Thursday to close at 33,763 levels down by 82.50 points or 0.24%. In banking sector, NBP remained in the limelight as the bank announced its year- end result, EPS of Rs7.06 and dividend of Rs5.5/share, in line with the expectations. Among volume leaders, PIBTL spiked up 1.9% after announcing its 2QFY15 result, EPS of Rs0.04 against a loss of Rs0.03 in the same period last year.
Mix sentiment was recorded in Oil & Gas sector on the back of slight recovery in global crude oil prices. In the cement sector, market remained bearish due to the persistent rumors within the sector of a possible cartel break up apparent by a sharp drop in price of market leader LUCK slid by 2.5% during the week, observed analyst Arhum Ghous.
Shares market kept on decreasing as investors preferring to book profits. Cement stocks witnessed some profit taking as investors expecting lower dispatches for this month. NBP closed in positive with decent volumes after announcing December result, said Samar Iqbal VP at Equity Sales Topline Securities.
Another bearish session witnessed at KSE amid future contracts rollover and weaker earnings outlook in oil, banking and cement sector on falling international oil prices, lower banking spreads and thin cement makers margins.
Sentiments remained weak amid consolidation in blue chip stocks and institutional support in blue chip banking stocks after strong results and record cash payout announced by National Bank, stated analyst Ahsan Mehanti.
Volumes increased by 21% to 170mn shares, while value also rose by 21% to USD86mn (value Rs8.6bn). Out of total 375 active companies in trading session 149 settled in advance, 205 in decline while 21 went unchanged.
K-Electric emerged volume leader in market with 19.16 mn shares and price per share Rs8.22, followed by National Bank with 13.84 mn shares and price per share Rs67.78 and Pak Int.Bulk with 11.57 mn shares and price per share Rs36.19 were in spotlight in market. Highest increase witnessed in the shares of Unilever Foods which rose by Rs350.00 to Rs9450.00 followed by Nestle Pak which shares rose by Rs204.00 to Rs10225.00.
Top decliners were Bata Pak which shares decreased by Rs208.90 to Rs4090.10 and Wyeth Pak which shares declined by Rs180.93 to Rs3437.72.
KARACHI - Anti-Corruption Establishment (ACE) Sindh has arrested Sindh education department’s director of private schools along his assistant over alleged involvement in a huge embezzlement in pension fund.
According to the Director ACE Sindh Asif Ijaz Sheikh, the ACE had inquired a case regarding misappropriation of money in pension fund and also presence of ghost employees in education department, Sindh.
He said that after the completion of inquiry and collection of facts from the office of education department, Sindh, AEC has raided at the office of Director private schools Abdul Wahab Abbasi (BPS-20) and arrested him along his assistant Sagheer Wasti (BPS-14) and registered a case Fir no.10/15 against them.
The ACE director said Abbasi used to hire people on fake documents in the education department. He said these employees existed only on paper and once the hiring process was complete, Abbasi with the help of his associates transferred them from Karachi to Dadu and then Larkana, before showing their retirement.
The officer said that the education department used to give between Rs2.2 and Rs 3.3 million as retirement fund which the accused used to transfer into his own account along with the monthly pension.
The accused was also involved in embezzlement from bogus pension cases and withdrawal of millions of rupees from government accounts, he added. Further investigation was underway.
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