Pakistan stocks tumble over Panama case hearing

KARACHI: Pakistan stocks exchange witnessed a volatile session on Tuesday with profit taking being the day’s highlight on political uncertainty, dealers said.

Ahsan Mehanti at Arif Habib Corp in an emailed comment said stocks closed lower on institutional profit taking amid concerns for surging foreign outflows and uncertainty over outcome of PM panama case hearings in the Supreme Court.

“Concerns over weak exports, circular debt issues and regulatory oversight over equity mutual funds to maintain 5.0 percent cash played a catalytic role in bearish close in the earning season at PSX”.

The KSE-100 shares index shed 209.89 points or 0.43 percent to close at 48,678.65 points. KSE-30 shares index shed 173.82 points or 0.66 percent to end at 26,339.87 points. As many as 415 scrips were active of which 130 advanced, 272 declined and 13 remained unchanged.

The ready market volumes stood at 379.653 million as compared to 316.062 million shares a day earlier.

Analysts said late session support was witnessed in selected oil and banking stocks on likely robust earning announcements.

Companies reflecting highest gains include Unilever Foods up by Rs150 to end at Rs5900/share and Rafhan Maize up Rs140 to end at Rs7950/share.

Companies reflecting highest losses include Service Industries down Rs37.02 to Rs1540.25/share and Lucky Cement down Rs28.52 to end at Rs853.71/share.

Highest volumes were witnessed in Sui Southern Gas Company with a turnover of 22.577 million shares. The scrip gained 53 paisas to close at Rs39.17/share. Faysal Bank was second with a turnover of 21.292 million shares. It gained Rs1.23 to end at Rs25.84/share. Aisha Steel Mill was third with a turnover of 15.732 million shares. It gained 43 paisas to finish at Rs18.42/share.

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