Below expected results, profit booking drag Index down
Ahmed Siddiqui KARACHI: On anticipation of rollover week investors preferred to book profit which led market to end in bearish zone. Announcement of results below par expectation was another reason for market decline. Furthermore market was trading in overbought state and needed a technical correction.
The benchmark KSE-100 index closed down by 151.59 point to close at 34,386.86 points. KSE All Share Index decreased by 135.65 to end at 24,725.31, KSE 30-Index declined by 118.36 points to conclude at 22,317.36, whereas KMI 30-Index got worse by 326.67 points to finish the day at 54,146.27 levels.
Samar Iqbal, equity dealer at Topline Securities said profit taking was seen at local market amid futures rollover and disappointed results from POL and ATRL. POL December earnings Rs.22.60 were below expectations while payout 150 per cent remained healthy. ATRL announced loss of Rs6.36 in December quarter.
Arhum Ghous, at JS Global Capital said relative to the previous day's volume trade, substantially lower market volumes were witnessed today. In the Cement sector, MLCF experienced a high volume trade with the stock witnessing a downside of 1.9 per cent as investors booked their profits owing to below expected earnings. However, owing to the signing of an LOI to set up a coal fired plant, LUCK contin- ued its rally and generated investor interest. In the Oil & Gas sector, ATRL witnessed a sharp decline of 5 percent following a disappointing result as investors booked their profits.
The advance to decline ratio in the broader market remained in favor of bears. Out of 382 scrips, 105 scrips advanced, 257 declined while the value of 20 scrips remained intact.
The ready market volume dipped by 31.02 per cent to 234.73 million shares as compared to 340.27 million shares traded on last trading day.
Jahangir Siddiqui Limited topped the list of actives, up by Rs 0.36 at Rs 18.36 on 15.86 million shares, followed by KElectric Limited down by Rs 0.18 at Rs 8.86 on 14.26 million shares and Maple Leaf Cement reduced by Rs 0.95 at Rs 49.26 on 11.23 million shares.
Other actives were Bank of Khyber which declined by Rs 0.08 at Rs 9.71 on 10.02 million shares and Cherat Cement increased by Rs 1.01 at Rs 79.06 on 9.01 million shares.
The overall market capitalization got worsened by Rs 42.53 billion to Rs 7.796 trillion against Rs 7.839 trillion observed on last trading day.
Packages Limited and Sanofi Aventis remained the top gainer by Rs 33.37 and Rs 11.73 to close at Rs 728.92 and Rs 713.73 respectively, while Unilever Foods and Colgate Palmolive were among the major loser which lost Rs 239 and Rs 45.50 to close at Rs 8,411 and Rs 1,902 respectively.