Pakistan stocks close negative on institutional profit taking

KARACHI: Correction continued at the Pakistan stocks exchange on Monday as institutional investors opted for profit taking given uncertainty in the global equities amid weakening crude prices, dealers said.

The KSE-100 shares index shed 321.96 points or 0.65 percent to close at 48,888.54 points. KSE-30 shares index shed 225.54 points or 0.84 percent to end at 26,513.69 points. As many as 419 scrips were active of which 133 advanced, 269 declined and 17 remained unchanged.

The ready market volumes stood at 316.062 million as compared to 514.224 million shares a day earlier.

Dealers said fertilizer stocks outperformed on government decision to reverse withdrawal of urea subsidy.

Regulatory changes applicable on mutual funds that now require minimum 5.0 percent of assets as cash and agreements with creditors to meet possible redemptions was likely one of the factors that triggered profit taking.

Going forward, analysts see volatility to increase as institutional flows guide market in absence of triggers while earnings related excitement seems to be overshadowed by flows, primarily foreign funds selling.

Companies reflecting highest gains include Mari Petroleum up by Rs47.69 to end at Rs1455.28/share and Ghandhara Industries up Rs46.55 to end at Rs977.59/share.

Companies reflecting highest losses include Unilever Foods down Rs235 to Rs5750/share and Rafhan maize down Rs230 to end at Rs7810/share.

Highest volumes were witnessed in K-Electric Limited with a turnover of 22.746 million shares. The scrip gained 21 paisas to close at Rs9.46/share. Sui Southern Gas Company was second with a turnover of 18.177 million shares. It gained 90 paisas to end at Rs38.64/share. Engro Fertilizer was third with a turnover of 16.943 million shares. It gained 80 paisas to finish at Rs70.39/share.

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