Profit-bookers hurt Pakistan KSE surge

21:54, December 04, 2009      

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After a couple of bullish sessions, investors finally decided to book profits in last trading session of the week here Friday, while grim law and order situation also added to the negative market sentiments.

However, the positive thing for the market was that it successfully maintained the psychological 9,000 levels.

The benchmark KSE 100-Index declined 87.10 points to close at 9,009.13 levels, KSE 30-Index slumped by 105.70 points to end at 9,464.13 levels, whereas KSE All Share Index shed 55.85 points to finish the day and week at 6,408.96 levels.

Earlier in the afternoon, another suicide attack hit Pakistan. This time the other part of the twin cities, i.e. Rawalpindi, where three suicide bombers fired on worshipers then blew themselves up at a mosque near military headquarters after Friday prayers, killing 40 people, including many army officials.

Equities at KSE got off to a mixed start where during the initial moments, the main index paid visits to both green as well as red columns. During the course, it went on to hit the intraday high of 9119.94, but failed to keep momentum as profit-bookers entered the market, who got rid of their holdings that hampered the index's performance and it nosedived into the red ink and stayed their all day long. Towards the closing bells, the key index touched the lowest level of the day of 8,997.94 before recapturing 9,000 levels as support came towards the final moments.

Market volume numbers hardly changed as a turnover of 103.799 million shares recorded as compared to 103.789 million shares traded the other day, showing a meager increment by 10,000 shares. Investors mostly remained active in tech & communication, textile, banking, and chemical sectors during the course of the day where foreigners and local funds and institutions showed limited activity.

Analysts told Xinhua that the current resistance level in the market is 9,150 and if market touches this level during intraday trading then there are chances that it may go beyond 9,300 levels during the next week. They further stated that current political scenario doesn't favor market where Supreme Court of Pakistan has constituted a larger bench to hear cases related to National Reconciliation Ordinance (NRO), which will start proceedings from Dec. 7 (Monday).

Experts informed Xinhua that Pakistan is also confronting severe security challenge where a U.S. troops surge in Afghanistan would have its implications directly on to Pakistan as the government has feared that Taliban would infiltrate into its country in such a case, which would pose even bigger challenges to the PPP-led government in Islamabad.

Main board also favored red numbers on last trading day as a total of 365 issues remained active during the course of the day, out of which, prices of 208 scrips plunged, 147 managed to advance, whereas values of remaining 10 equities stayed unchanged.

DS Industries Limited was the volume leader of the day with a turnover of 8.289 million shares, followed by SilkBank Limited with 8.057 million shares after it announced Thursday to issue rights shares, whereas Jahangir Siddiqui Company Limited recorded volumes of 7.145 million shares.

Source: Xinhua
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