KARACHI: Marking the first day of Ramazan that features a shorter trading session, the index ended in the red on institutional profit-taking in blue-chip scrips across the board.
Barring select stocks, activity largely remained range-bound as the Karachi Stock Exchange (KSE)-100 index inched towards the 34,500-point mark.
At close on Friday, the benchmark KSE-100 index closed at 34,527, recording a drop of 0.43% or 147.91 points.
“Concerns for high taxation on blue chip stocks levied in the federal budget and weak global crude prices along with rising political noise impacted the sentiments inviting late session pressure,” said Ahsan Mehanti of Arif Habib Corporation.
Activity remained minimal as investors chose to remain cautious amid changes being unveiled in the federal budget by Finance Minister Ishaq Dar. Talks of tax on undistributed reserves being changed kept the market at bay, waiting for clarity that is likely to subside when the new fiscal year starts. Interest, however, remained in select stocks.
Trade volumes decreased to 207 million shares compared to 450 million on Thursday. The value of shares traded during the day was Rs5.5 billion.
Shares of 350 companies were traded on Friday. Of these, 107 companies closed higher, 227 fell and 16 remained unchanged.
Dewan Cement was the volume leader with 29.6 million shares, gaining Rs1 to close at Rs13.25. It was followed by K-Electric Limited with 23.6 million shares, losing Rs0.12 to close at Rs8.72 and Byco Petroleum with 20.1 million shares, gaining Rs0.44 to close at Rs19.85.
Foreign institutional investors were net buyers of Rs2 million worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.
Published in The Express Tribune, June 20th, 2015.
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