Karachi Stocks closes slightly up

With year-end right around the corner, participation remained dull at the bourse. The benchmark index rose by mere 3 points to close at 25370.03 level compared to 25366.69 points of the previous day.
Equity dealer at Topline Securities Asad Siddiqui said positive momentum continued in the cement sector and specially in FCCL, out of 17 listed stocks in the sector 12 closed in the green zone while one remained unchanged.

On the other hand, profit-taking was seen in oil and gas sector while some pressure was seen in fertilizer stocks barring Engro, which closed with gains of 3pc. FCCL, PTC and PAEL made up for the top 3 volume leaders with trade of 16.7m, 10.2m and 9.7m shares, respectively. KSE-Allshare index shed by 30.02 points or 0.16 percent to end the day at 18690.70 points, KSE-30 share index off by 8.19 points or 0.04 percent to close the day at 18941.99 points while KMI-30 share index misplaced 69.59 points or 0.16 percent to end the day at 42739.21 points.

The day turnover of market climbed to 191.970 million shares from 146.610 million shares due to low participation volume settled at Rs 6.331 billion compared to Rs 5.507 billion of a day earlier. Capitalisation of the market stabled at Rs 6.071 trillion after opening at Rs 6.089 trillion.
Analysts said bullish global stocks and renewed institutional interest in cement and textile stocks on strong earnings outlook on EU grant of GSP Plus status and rising local cement prices played a catalyst role in positive close at KSE. Concerns for rising trade deficit, rising government borrowings and limited foreign interest impacted the sentiments.
During the session out of 401 companies 241 closed in positive and 138 in negative while the value of 22 stocks remained intact.

Unilever Foods led the downhill trend decreased by Rs 500 to Rs 9500 followed by Nestle Pak off by Rs 399.99 to Rs 7900.01. Siemens Pakistan and Sanofi-Aventis toped the gainers list up by Rs 37.47 to Rs 1444 and Rs 31.56 to Rs 662.82. With the turnover of 16.664 million shares Fauji Cement led the active list off by Re 0.08 to Rs 15.30. PTCLA was on the seconds position with 10.211 million shares shed by Re 0.43 to Rs 30.87. It was followed by Pak Elektron Ltd with 9.689 million shares as it closed at Rs 20.15 after opening at Rs 19.80, Maple Leaf Cement with 9.535 million shares decreased by Re 0.40 to Rs 26.68 and DGK Cement with 8.248 million shares grew by Re 0.34 to Rs 85.23. (Nation)

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