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Circular debt issue trims KSE gains

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(Globalpost/GlobalPost)

Stock market remained high amid thin trade led by selected blue chip stocks on strong valuations. The Karachi stock market benchmark KSE-100 share index marginally up by 9.74 points or 0.05 percent to end the day at 18,723.35 points compared to 18,713.61 points of a day earlier.

In the absence of any major trigger, market remained lackluster. PTC, Engro Corp and MLCF remained in the limelight. As investors were expecting better March result of Pak Telecom, KSE performed well. Engro Corp that rallied yesterday saw some profit-taking today, dealers observed.

KSE-Allshare index grew by 15.31 points or 0.12 percent to conclude the session at 13,286.77 points, KSE-30 share index extended by 8.07 points or 0.06 percent to close the day at 14,612.90 points while KMI-30 share index gained 3.31 points or 0.01 percent to finish the day at 33,065.32 points.

The day turnover of stock market in term of shares was 151.146 million shares after opening at 128.314 million shares and the value of traded shares was reduced to Rs 5.438 billion from Rs 5.493 billion. The capitalisation of KSE maintained at Rs 4.612 trillion as compared to Rs 4.607 trillion of a day earlier.

Experts said trade remained in narrow range and investors’ interest remained mainly in second and third tier stocks awaiting SBP policy statement due this week. Bullish global stocks, easing gas supply issues in fertilizer sector, strong data on urea and cement sales and hopes for early resolution of CCP levy on telecom, fertilizer sector played a catalyst role in bullish sentiments at KSE amid concerns for rising fiscal deficit and pending circular debt issue in energy sector.

Trading took place in 367 companies where gainers beat the loser 187 to 154 while the value of 26 stocks remained intact. Unilever Food SPOT and Rafhan Maize were the biggest price gainers of the up by Rs 243.60 to Rs 5124 and Rs 121.53 to Rs 4300. Sunray Textile and Sitara Chemical were the top losers of the day decreased by Rs 10.95 to Rs 208.30 and Rs10.50 to Rs 199.63.

Engro Polymer was the top traded company of the day with 12.565 million shares as it closed at Rs 12.17 after opening at Rs 11.41. Maple Leaf cement was on the second position with 9.597 million shares shed by Re 0.09 to Rs 19.23. It was followed by PTCLA with 8.377 million shares grew by Re 0.09 to Rs 21.46, Engro Corporation with 8.324 million shares down by Re 0.91 to Rs 141.15 and KESC with 7.419 million shares added Re 0.04 to Rs 5.82.

http://www.globalpost.com/dispatch/news/asianet/130411/circular-debt-issue-trims-kse-gains