Stock market undergoestechnical adjustment

[Gentelman]

KARACHI: After touching the all time
high, the Karachi share market slid 42
points on the last weekday as investors
took cautious stance amid technical
adjustment.
“No major excitement prevailed at the local
equity market on the last trading session of
the week as back to back low volumetric
sessions forced the benchmark to undergo
technical adjustment,” said Hasnain Asghar
Ali at Escorts Capital.
The KSE-100 shares index shed 42.68 points,
or 0.25 percent, to close at 16,865.34
points. The KSE-30 shares index lost 53.86
points, or 0.39 percent, to end at 13,683.22
points.
Shares of 347 companies were traded
during the day out of which 172 scrips
advanced, 152 declined and 23 remained
unchanged.
Dealers said that some stocks maintained
previous close due to low multiples and high
dividend yields, while value erosion in MCB
on renewed selling that failed to find buyers
on intervals pushed the index in red zone.
Samar Iqbal, a dealer at Topline Securities
said that some profit taking was witnessed
at local bourse as the index closed 42 points
down touching all time high index level of
16,968.
“Activity, however, remained confined
towards mid cap stocks as 36 percent of
total volume was witnessed only in TRG, DCL
and Byco Petroleum.”
Fahad Ali at JS Global said that market
remained in the red zone for most of the
trading session as people feared the end of
the world according to the ‘Mayan Lord
Calendar’.
However, on a more serious note volumes
were concentrated towards third tier stocks,
which included mainly TRG, DCL and Byco.
Interest was also witnessed in fertiliser
sector where FFC was the volume leader in
the sector.
The ready market volumes stood at 182.017
million shares compared with 185.426
million shares in the last trading session.
Highest volumes were witnessed in TRG
Pakistan with trades of 36.142 million
shares. The scrip gained 74 paisas to close
at Rs5.77. It was followed by Dewan
Cement with 17.364 million shares. It gained
28 paisas to close at Rs5.20. Byco
Petroleum was the third with trades of
12.897 million shares. It lost 25 paisas to
finish at Rs12.09.
Rafhan Maiz Rs150.00
Closing Rs4,000.00
Colgate Palm Rs69.47
Closing Rs1,469.45
Unilever Food Rs50.00
Closing Rs4,300.00
Pak Int Cont Rs12.24
Closing Rs255.04
Exide Pak Rs9.99
Closing Rs290.01
Attock Petroleum Rs5.23
Closing Rs511.65
Stock market undergoes technical adjustment - thenews.com.pk