Be­low ex­pected re­sults, profit book­ing drag In­dex down

The Financial Daily - - NATIONAL -

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.

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