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KSE sheds 136pts on security concerns
February 14, 2014
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KARACHI:  Stocks closed lower ahead of major earning announcements amid concerns for security unrest in the city and rising political uncertainty.
At KSE benchmark KSE-100 share index off by 136.01 points or 0.51 percent to end the day at 26541.26 points compared 26677.27 points of the previous day.AVP Equity Sales at Topline Samar Iqbal said late profit-taking in index in heavy weight blue chips plummeted market. OGDC lost Rs.5.10 down while MCB closed 2pc down. Nishat Power Ltd announced half year earnings of Rs.3.771 with 10pc cash payout. However, pre-result buying interest was seen in Engro Corp and Nishat Mills which are due to announce their Dec results tomorrow.  KSE-Allshare index shed by 72.90 points or 0.37 percent to close the day at 19796.66 points, KSE-30 index off by 119.33 points or 0.62 percent to conclude the day at 19195.60 points while KMI-30 share reduced by 306.33 points or 0.69 percent to conclude the day at 43815.50 points.  Major fall in global stocks, delays in privatisation of SOEs, pending OMC margin decisions, dismal trade deficit data for July-Jan’14 and circular debt concerns in energy sector played a catalyst role in bearish activity despite record corporate earnings, analyst observed. Market traded 276.139 million shares after opening at 284.366 million shares and the value of traded shares was climbed to Rs 10.795 billion to Rs 10.562 billion. Capitalization of the market settled at Rs 6.456 trillion compared to Rs 6.479 trillion of a day earlier.  Trading took place in 392 companies where losers outnumbered the gainers 209 to 157 while the value of 26 stocks remained intact.

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