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September 7, 2010

KSE volumes hit two-month low on surcharge fears

Top Story

September 7, 2010

KARACHI: The Karachi share market remained flat on Monday with volumes hitting two-month low as investors remained wary of the likely surcharge on corporate tax ahead of long weekend.
“Investors concern over surcharge on corporate tax in the ongoing meeting of the Council of Common Interest (CCI) coupled with long weekend ahead kept the investors on the sidelines,” said Samar Iqbal, a dealer at the Topline Securities.
Volumes remained at two-month low with major activity witnessed in LOTPTA, Lucky Cement and JSCL.The KSE-100 Index gained 3.04 points, or 0.04 percent, to close at 9,706.10. The KSE-30 Index gained 2.53 points, or 0.03 percent, to close at 9,551.5.
The number of transactions decreased to 18,989 from 31,025 during the last trading session.Shares of 333 companies were traded, out of which 128 advanced, 178 declined and 27 remained unchanged.
Hasnain Asghar Ali, a dealer at Aziz Fida Husein said that stocks trading with topping of dividend and bonus, and in the list of offshore participants, invited low quantum activity.“With the ongoing floods continue flooding various infrastructure, latest being oil fields of Badin and due to threatening news from various fronts, the turnover fell miserably and so did the value of traded shares.”
Dealers said that with the waves from all the fronts at the highest levels, the warning issued by finance minister regarding the fragile nature of the economy that was on the verge of collapse, since the economy was already in an awkward situation way before the floods, need emergency recovery plan.
Nazim Abdul Muttalib, a dealer at Elixir Securities said that the equities started off on a weak note with dismal volumes as investors continued to remain on the sidelines till dust over Broker-SECP row settled.
“Locals ignored gains in the global stock markets and resisted good value amid the lack of interest in the broader market. Cements generated the most interest as investors bet on possible

higher local off-take post-flood damage.”
ìWe see lower volumes with selective interest during this shorter week as the market would be closed on Friday with possibly short-lived excitement ahead of Eid holidays,” said Muttalib. The ready market volume decreased to 19.631 million shares from 37.52 million during the last trading session. Futures market volume decreased to 0.85 million shares from 1.04 million shares during the last trading session.
LOTPTA was the volume leader with a turnover of 1.823 million shares as it closed at Rs7.94 with a loss of 15 paisas followed by LUCK with a turnover of 1.25 million shares as it gained 35 paisas to close at Rs68.56. JSCL with a turnover of 1.203 million shares finished at Rs9.93 with a loss of eight paisas.

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