Stock market slides on profit-taking

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THE NATION, KARACHI, 13th SEPTEMBER 2013:- Stocks closed bearish on Thursday amid institutional profit taking in overbought market.  The bench mark KSE 100-share index shed 9.47 points or 0.04 per cent to stop the day at 23222.21 points as compared to 23231.68 points of the previous day.
Analyst at Arif Habib said rising political uncertainty after unrest in Sindh province and cautious activity ahead of SBP policy rate stance played a catalyst role in bearish activity. Limited foreign interest and uncertainty over global commodities and stocks impacted the sentiments.
KSE allshare-index lost 12.64 points or 0.08 percent to conclude the session at 16621.51 points, KSE 30-share index decreased by 23.97 points or 0.13 per cent to end the day at 17935.99 points while KMI 30-share index shed 330.12 points or 0.82 per cent to close the day at 39961.01 points.
A dealer said, ahead of monetary policy announcement, selling pressure was witnessed in cement stocks, textile companies, PSO and Engro Corp.  Market traded 255.955 million shares after opening at 269.733 million shares and the value of traded shares reduced to Rs 9.584 billion from Rs 10.154 billion and the capitalization of the market maintained at Rs 5.696 trillion as compared to Rs 5.699 trillion of a day earlier.
Out of 358 companies, 170 closed in positive and 164 in negative while the values of 24 stocks remained intact.
Wyeth Pak Limited and Island Textile were the biggest price gainers of the day, increased by Rs 21.89 to Rs 3400 and Rs 20 to Rs 799.
Atlas Battery XDXB and Lucky Cement led the downhill trend, decreased by Rs 9.32 to Rs 303 and Rs 9.05 to Rs 255.74.
Pak Elektron topped the active list with 18.872 million shares as it closed at Rs 7.88 after opening at Rs 6.92. Dera Ghazi Khan Cement was on the second position with 13.735 million shares, off by Rs 3.72 to Rs 76.29. It was followed by BOP with 13.698 million shares, grew by Re 0.12 to Rs 12.63, JS Company with 12.313 million shares, higher by Re 1 to Rs 10.85, and Maple Leaf Cement with 9.827 million shares, shed Re 0.29 to Rs 24.74.

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