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 Posté le: Lun Sep 30, 2013 11:29 am Sujet du message: The Karachi Stock Exchange benchmark 100-index wit |
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The Karachi Stock Exchange benchmark 100-index witnessed panic-like situation during the intraday session on Thursday on huge decline in the rupee value but later recovered along with the currency and closed with a fall of 280.08 points, dealers said.Azfer Naseem, head of research and vice president of Elixir Securities,[url=http://www.ugg-boots-sale.org]cheap ugg[/url], said that the rupee-dollar parity was the major reason for decline in the index. “At one time, dollar price reached Rs117 in the open market and Rs113 in the interbank that damaged the sentiment at the stock market,” he said. The market moved along with the currency movement on Thursday, he said, adding that if the dollar settled at Rs115 in the coming days, it will result in increase in inflation, which would impact the surge of the discount rate and ultimately have a negative effect on the stock market.The KSE-100 index closed lower by 280.08 points, or 1.21 percent, at 22,780.82 points against 23,060.90 points recorded in the last session. The market witnessed panic during the intraday session and declined by around 550 points but recovered in the last hour after the rupee stabilised in the interbank market. The highest index of the day was recorded at 23,135.52 points, while the lowest level of the day was recorded at 22,516.55 points.The KSE-30 index also fell by 227.82 points, or 1.29 percent, to close at 17,388.40 points in the session against 17,616.22 points recorded in the last session. The market started the day on a positive note but soon started declining on the rupee movement. Of a total of 360 active companies in the session, 87 ended in the positive territory, 255 in the negative zone and 18 companies remained unchanged.Turnover and trading value improved slightly, while market capitalisation declined. The turnover increased by 21 million shares to 193.76 million from 172.56 million shares. Trading value improved to Rs7.11 billion against Rs5.73 billion, while market capitalisation declined to Rs5.35 trillion against Rs5.41 trillion recorded in the last session.Zafar Moti, an analyst and a senior member of the KSE, said the market had recovered slightly in the morning but later with declining currency, it dented with drop of around 550 points during the intraday session. “Later, the market improved with the stability in the rupee value,” he said.Ahsan Mehanti, an analyst at Arif Habib Corporation, said the bearish trend continued amid concerns over rupee’s free-fall against the dollar ahead of the State Bank of Pakistan (SBP) open market transactions to meet the International Monetary Fund (IMF) conditions against $6.68 billion extended fund facility approved this month.Limited foreign interest, rising circular debt in the energy sector, lower global commodities, rising CPI inflation after record surge in government borrowings and concerns over higher SBP policy rate impacted the sentiment, despite institutional support in selected stocks, he said.“Upbeat fertiliser off-take data, cement dispatch data for August and the textile sector’s record earnings growth failed to support the ailing sentiment prevailing in the market after the rupee touched record low in the open market,” Mehanti said.Samar Iqbal, AVP Equity Sales at Topline Securities (Pvt) Ltd, said that sharp volatility in the value of the rupee created panic-like situation at the local bourse. “The benchmark index witnessed a sharp decline of over 500 points in the intraday session; however, it managed to recover at the close after the local currency posted some gains against the dollar,” she said. “Most of the cement stocks touched their lower limits during the day.”An analyst at Sherman Securities said major fall of around five percent in the intraday session in the interbank market in dollars against the rupee led to an intraday fall of two percent in the KSE-100 index.Of the liquid stocks, FFC and SSGC closed with positive changes. PTCL on the back of news that 3G licence auction date may be announced today, closed with almost no change, contributing five percent to the overall turnover in the ready market.Highest increase was recorded in the shares of Rafhan Maize-XD, which rose by Rs115.32 to Rs4,999.95 per share; followed by Wyeth Pak Ltd that improved by Rs58.18 to Rs4,013.33 per share. Major decline was witnessed in the shares of Bata (Pak), which fell by Rs63.33 to Rs1,700 per share; followed by Fazal Textile that declined by Rs19.99 to Rs415.01 per share.Significant turnover was recorded in the stocks of Nimir Industrial Chemicals, Bank of Punjab, Pakistan Telecommunication Company Limited, National Bank of Pakistan, TRG Pakistan Ltd, Telecard Limited,[url=http://www.ugg-boots-sale.org]ugg outlet[/url], Sui Southern Gas Company, Maple Leaf Cement, DG Khan Cement and Engro Polymer.Nimir Industrial Chemicals remained the volume leader with 13.75 million shares on an increase of 75 paisas to Rs7.96 per share; followed by the Bank of Punjab with 11.31 million shares on a decline of 18 paisas to Rs12.30 per share.PTCL remained the third leading stock with 9.97 million shares on a drop of four paisas to Rs27.27 per share, National Bank’s 9.19 million shares with a decline of 73 paisas to Rs53.96 per share, TRG Pakistan Ltd’s 8.55 million shares with a drop of 30 paisas to Rs10.13 per share, Telecard Limited recorded trading of 7.15 million shares with a decline of 21 paisas to Rs6.29 per share, SSGC witnessed trading of 6.19 million shares on an increase of 17 paisas to Rs26.08 per share, Maple Leaf Cement’s 5.90 million shares were traded with a decline of 85 paisas to Rs22.95 per share, DG Khan Cement’s 5.68 million shares were traded with a decline of Rs1.66 to Rs72.56 per share and 5.66 million shares of Engro Polymer were traded with a fall of 44 paisas to close at Rs13.60 per share.Shares turnover in the futures market increased to 37.54 million from 32.62 million shares traded in the previous session. NBP October futures led the market with 3.01 million shares on a drop of 62 paisas to Rs54.54 per share; followed by the Bank of Punjab October futures with 2.44 million shares that dropped by 20 paisas to Rs12.41 per share.
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