Benchmark
KSE-100 index
falls 483.61 points
The Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 1.66% or 483.61 points to end at 28,674.37
Elixir Securities analyst Naveen Yaseen stated that equities opened negative and stumbled on political noise and on renewed concerns of energy sector receivables.
“Pakistan State Oil (PSO) -4.6% opened gap down and closed deep in red as investors saw a serious cash flow crunch in months ahead as circular debt continues to pile up.
“Pakistan Telecom (PTC) -5% hit the second consecutive lower lock on weekend news of disbandment of ICH and bleak outlook on LDI minutes. United Bank (UBL) -2.5% also closed negative on institutional selling on turnover last seen more than six years back as privatisation shares are reportedly being transferred in a day or two.
“Autos weathered selling in broader market with Pak Suzuki Motors (PSMC) +2.3% and Indus Motors (INDU) PA +4.06% on hopes of volumetric growth in coming months.
“Hub Power (HUBC) -0.3% ended little changed and announced equity investment in Sindh Engro Mining Company (SECMC) of upto $20 million, a small investment that will not trigger any fear of dividend curtailment as this can be easily funded by debt.”
Meanwhile, trade volumes rose to 193 million shares compared with Wednesday’s tally of 171 million shares.
Shares of 365 companies were traded on Thursday. At the end of the day, 54 stocks closed higher, 298 declined while 13 remained unchanged. The value of shares traded during the day was Rs18.4 billion.
Lafarge Pakistan was the volume leader with 16.7 million shares, gaining Rs0.40 to finish at Rs14.83. It was followed by Fauji Cement with 14.09 million shares, declining Rs.0.63 to close at Rs19.56 and PTCL with 13.2 million shares, declining Rs1.40 to close at Rs26.62.
Foreign institutional investors were net buyers of Rs14.5 million and during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, June 20th, 2014.
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