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Posted 15 June 2011 - 10:08 PM
Wednesday, 15 June 2011 12:26
KARACHI: Pakistani stocks ended lower on Wednesday, taking cues from the global markets and following a fall in international oil prices, dealers said.
The Karachi Stock Exchange's benchmark 100-share index ended 0.17 percent, or 20.79 points, lower at 12,317.15.
Turnover was almost flat at 54.8 million shares, compared with 54.17 million shares traded on Tuesday.
"Amid a global sell off in equity markets and a fall in commodity prices, the local bourse continued to correct itself and ended 20 points lower," said Mohammed Millwala, a dealer at Topline Securities Ltd.
Dealers said that many investors were sidelined by a lack of positive triggers and the continued implementation of capital gains tax on certain investments.
The government confounded market expectations by not removing capital gains tax on certain investments in the 011/12 budget, announced on Jun 3.
A 10 percent capital gains tax is imposed on stocks held for six months or less, and a 7.5 percent tax is levied on stocks held between 6 months to a year.
In the currency market, the rupee weakened to 85.80/85 to the dollar, compared with Tuesday's close of 85.75/79, following a rise in import payments.
The rupee hit a record low of 86.50 last month, but dealers said the local unit may be stable in the coming days because of increased remittances from Pakistanis working abroad.
According to official data, remittances sent by overseas Pakistanis crossed $10 billion for the first time, and were recorded at $10.1 billion in the first 11 months of the 2010/11 fiscal year, an increase of 25.20 percent compared with the same period last year.
In the money market, overnight rates rose to 12.50 percent, compared with the previous day's close of 11 percent and dealers expect rates to be on the higher side due to scheduled net outflows amounting to 40 billion rupees($466 million) on Thursday.
Posted 15 June 2011 - 10:11 PM
Today marked the continuation of a dull phase as volumes continue to remain depleted with major chunk of activity in second tier stocks. Grim news on economic front, showing a 65% increase in gorvernment borrowing for budgetay support from various financial institutions combined with news of 30% decline in foregin direct Investment during 11 months from July- May also subdued participants. Fatima Fetlizer generated the highest volumes for the day on account of news announced earlier this week stating that the plant will begin production from 1st July 2011.
With no major triggers in sight, market is likely to remain range bound with volumes on the lower side. However we may see activity pick up in the future as results for FY12 corporate secto start to trickle in.
Posted 15 June 2011 - 11:28 PM
Wednesday - Jun 15, 2011 | 18:00:58
The movement of KSE depicted a consistent aridness with a trade of 32.9 million shares and a thorough fluctuation in the Index points. Starting with 12 plus points, the market moved merely at a slow pace between positive and negative note – simulating the previous session. A low of 35 minus points (12,302) was witnessed, followed by a high of 61 plus points (12,399). The market closed at 20 minus points (12,317) with an All Index volume of 54.8 million shares. The top sectors include: Chemicals, Banks and Electricity – FATIMA, BOP and HUBC proved to be the principal movers of these sectors. FCCLR (4.6mn), FATIMA (4.1mn), and BOP (4mn) reach the epic among the volume movers. 97 companies stood positive, 152 stood negative and 105 firms remained at no change.