The Karachi stock market closed in the negative zone on the last trading day of the week Friday amid news that capital gains tax (CGT) Ordinance has been challenged in the court, which forced investors to aggressively offload their holdings.
The Karachi Stock Exchange (KSE) 100-share index shed 158.60 points or 1.16 percent to close at 13,558.70 points as compared to 13,717.30 points of the previous session. The KSE 30-share index was down by 162.18 points to close at 11,708.96 points as compared with 11,871.14 points.
Analysts said that across-the-board selling was witnessed in the market with major pressure in cement stocks.
The market turnover surged 12.45 percent and traded 124.43 million shares after opening at 110.65 million shares. The overall market capitalisation declined by 1.11 percent and traded Rs 3.468 trillion as against Rs 3.507 trillion. Losers beat gainers 195 to 80, while 78 stocks were unchanged.
“News that CGT Ordinance has been challenged in the court forced investors to aggressively square their positions,” said Topline Sec analyst Samar Iqbal. “Across-the-board selling was witnessed with major pressure in cement stocks like Dera Ghazi Khan Cement (DGKC) that fell by 2.7 percent with a volume of 13 million shares. While oil stocks fell amid declining international oil prices.”
The KMI 30-share index was down by 282.36 points to close at 23,466.87 points from its opening at 23,749.23 points. The KSE all-share index closed with a loss of 106.65 points to 9,550.94 points as against 9,657.59 points.
“Stocks fell at KSE on institutional profit-taking as hopes dimmed over reduction in State Bank of Pakistan’s key policy rates on fears of double digit inflation for next fiscal year,” said Arif Habib Corporation Director Ahsan Mehanti. “Stocks fell across-the-board on limited foreign interest, fall in global stocks and commodities and concerns over falling rupee value.”
Jahangir Siddiqui and Co was the volume leader in the share market with 21.96 million shares as it closed at Rs 13.93 after opening at Rs 13.03, gaining 90 paisas. DGKC traded 13.08 million shares as it closed at Rs 39.82 from its opening at Rs 41.10, shedding Rs 1.28. Engro Corporation traded 7.40 million shares and closed at Rs 108.44 as compared to its opening at Rs 110.26, losing Rs 1.84. Azgard Nine traded 7.16 million shares as it closed at Rs 5.97 as against its opening at Rs 5.62, increasing 35 paisas.
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