Pakistan's stock dips ahead of IMF loan meeting

Pakistan's Karachi Stock Exchange (KSE) recorded bearish trade Thursday as investors stayed cautious ahead of the crucial meeting of International Monetary Fund (IMF) which would decide the fate of second tranche of Pakistan loan under the Extended Fund Facility. The benchmark KSE 100-Index dipped by 0.2 percent or 51.81 points to close at 25,472.65 points on Thursday as against 25,524. 46 points reported on Wednesday. The KSE All Share Index declined by 0.23 percent or 43.83 points to end at 18,767.47 points, the KSE 30-Index skidded by 0. 18 percent or 33.86 points to conclude at 19,024.18 points, whereas the KMI 30-Index fell by 0.12 percent or 52.19 points to finish at 42,836.26 points on Thursday. During Thursday's intraday trade, the key index hit an all-time intraday high of 25,711.46 points as against an intraday low of 25, 399.45 points. With the IMF meeting regarding release of next tranche of 545 million U.S. dollars scheduled to take place in Washington Thursday, market recorded institutional profit-taking which culminated the six-day bullish spree. Profit-taking was mainly seen in main board items such as National Bank of Pakistan, Hub Power Company, Engro Corporation, Dera Ghazi Khan Cement, and Pakistan State Oil. Market volumes reduced by 18.988 million shares to 255.158 million shares, capitalization decreased by 14.383 billion rupees (136.989 million U.S. dollars) to 6.104 trillion rupees (58.138 billion U.S. dollars), where the KSE trading value shrank by 87. 579 million rupees (834,095 U.S. dollars) to 11.187 billion rupees (106.546 million U.S. dollars) on Thursday. Among 403 active scrips Thursday, prices of 207 issues ended in red zone, 179 finished in green terrain, whereas values of 17 other scrips stayed unchanged. Fauji Cement, Nishat Mills Limited and National Bank of Pakistan were the top traded companies with turnovers of 18.562 million shares, 14.326 million shares and 13.07 million shares, respectively. Rafhan Maize was the top price gainer with increment of 200 rupees (1.9 U.S. dollars) to close at 7,900 rupees (75.23 U.S. dollars) while Unilever Foods led the major price losers with decrement of 370 rupees (3.52 U.S. dollars) to finish at 10,000 rupees (95.23 U.S. dollars).