Skip to main content

Profit-taking in main board stocks claims 30 points at KSE


KARACHI: The Karachi stock market continued to face selling pressure on Thursday as investors went for profit-taking in fertiliser and gas and exploration stocks.

The Karachi Stock Exchange (KSE) 100-share index decreased by 30.07 points or 0.55 percent to close at 5,399.36 points as compared with 5,429.43 points traded in the previous session. The KSE 30 index also lost 34.92 points and closed at 5,398.63 points as compared to 5,433.55 points of the previous session. The KMI 30 index gained 62.70 points to close at 7,163.62 points as against 7,100.92 points of the previous session.

The market turnover went down by 45.33 percent and traded 89.79 million shares as compared to 164.27 million shares traded in the previous session. The overall market capitalisation fell 0.75 percent and closed at Rs 1.700 trillion as against Rs 1.713 trillion traded in the previous session. Out of 262 companies, 92 closed in positive zone, 155 in negative while 15 remained unchanged.

Analysts said confusion regarding IAS39 and the rumour of increase in CVT on purchase of shares was to some extent subsided by the positive step initiated by SECP, the formation of a committee for review of CFS MK-II (the only product offering leverage in the ready board), and with a positive frame of mind like defying the efforts for exclusion of the well developed product. The committee will also forward recommendations for introduction of new hedging tools mainly for forward markets.

The unsettled issues have impacted the trading volumes at the local bourses, dips, however, continued to invite accumulation in the main board stocks, mainly in fertiliser and oil and gas exploration stocks.

Dips in the privileged stocks (those that have the support of the state fund) invited the local participants, as the funds activity on daily basis has been fruitful for traders.

Analysts said uncertainty over IAS39 implementation on listed companies and high liquidity costs remained major concerns despite the fact that NIT State Enterprise Fund continued to support the market while selling activity in international equity markets affected investors’ sentiment at the local bourse. The KSE 100 index opened in the red zone with a loss of 23.04 points and at the end of the day closed at 5,399.36 points with a loss of 30.07 points. OGDC, for the fifth consecutive trading session, was the volume leader in the share market with 8.00 million shares as it closed at Rs 48.94 after opening at Rs 49.32 shedding 38 paisas.(DT)

Comments

Popular posts from this blog

SECP initiates 86 show-cause proceedings against compamies

The SECP’s Enforcement Department— while enforcing compliance of corporate and allied laws— initiated 86 show-cause proceedings and concluded 54 proceedings against chief executives, directors and auditors of companies in February and March. While facilitating companies to strengthen their capital base, the department allowed three listed companies to issue shares by way of otherwise than right at a discount and at par.  In order to strengthen the existing regime of Corporate Social Responsibility (CSR) reporting, the SECP has joined hands with the ICAP for the external assurances of the CSR reports.  CSR reports assist organizations in understanding and communicating their vision of combining a company’s profitability with social responsibility and environmental care. Both the SECP and the ICAP have reaffirmed their commitment to developing a framework for external assurance in accordance with prominent international assurance standards, and within a mutually agreed time f

Chairman SECP Reaffirms Commitment to Facilitate Businesses

The Securities and Exchange Commission of Pakistan (SECP), as part of its efforts to promote ease of doing business through meaningful stakeholder engagement, held an interactive virtual session with representatives of Overseas Investors Chambers of Commerce & Industry (OICCI).   The session was chaired by the Chairman SECP, Aamir Khan, who briefed the participants about recent improvements in the regulatory ecosystem and highlighted some key changes, including introduction of digital certificate of incorporation, creation of special portal for banks to facilitate account opening, digitization of account opening process for resident and non-residents for investment in the capital market etc. These reforms have greatly improved efficiency of processes, which have been duly reflected in country’s global rankings.   During the session, the Chairman apprised the OICCI’s representatives about SECP’s future endeavors in this regard to simplify regulatory requirements, reduce compliance c

THK Associates (Private) Limited: Shares Registrar

THK Associates (Pvt) Limited was formed in 1989. The company is engaged in providing specialized services relating to the corporate sector and in particular acts as share transfer agent for a number of companies. THK Associates (Pvt) Limited is one of the leading service provider of Share Registrar, Transfer Agent, Balloters for IPO’s and Share Accounting Services and is managed and run by a set of professionals having indepth knowledge and expertise of organizing and managing diversified corporate activities including depository related Share Registrar activities. THK Associates (Pvt) Limited, previously an associate of KPMG Taseer Hadi & Co., has been restructured in terms of requirements of Clause XL of the Code of Corporate Governance and the shareholding of THK partners has been divested in the year 2004. Mr. Yunus Dawood, Chief Executive of DYL Motorcycle Limited, a shareholder and Director was appointed as Chairman of the Company in 2008. Mr. Javed Iqbal, former Chairman an