KSE index declines on political volatility

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KARACHI: Karachi Stock Exchange’s benchmark 100-Index declined by 73.45 points Tuesday on account of political volatility but maintained its position above the 18,000-mark, dealers said. Zafar Moti, an analyst and senior member of the KSE told The News there was selling pressure from institutions in the market following the Abbas Town massacre.

“The market is likely to go down further before it recovers later this week,” he said. Forty eight people belonging to Shia community died in the Abbas Town bomb blasts on Sunday evening and more than 100 others, including women and children, were injured.

The KSE-100 Index declined by 73.45 points or 0.41 percent to 18,053.32 points against 18,126.7 points recorded in the last session. The index at one time during the intraday session reached 18,200.06 points while the lowest level was recorded at 17,994.60.

The KSE-30 Index fell by 69.09 points or 0.47 percent to 14,721.45 points in the session against 14,790.54 points recorded in the last session.

Contrary to the index, both turnover and value increased in the market. Turnover improved by 31 million shares to 225.43 million shares whereas value increased to Rs7.51 billion against Rs4.79 billion. However, market capital declined to Rs4.47 trillion against Rs4.49 trillion recorded in the last session. The market remained down since morning because of the political and economic situation, said Hasnain Asghar Ali, chief operating officer of Escorts Capital.

“There was selling pressure in Muslim Commercial Bank (MCB) and Oil and Gas Development Company (OGDC) by foreigners while a majority of other stocks performed positively,” he said.

Senior Manager Equity Sales Topline Securities (Pvt) Ltd Samar Iqbal said the index fell by 90 points because heavy weights OGDC and MCB declined massively. Nevertheless, it remained above the 18,000 points level.

The highest increase was recorded in the shares of Indus Motor Co, which increased by Rs11.79 to Rs328.24 per share followed by Philip Morris Pak that rose by Rs10.12 to Rs212.54 per share. A major decline was noted in the shares of Unilever Pak, which fell by Rs249.99 to Rs10,500.01 per share followed by Indus Dyeing SD that declined by Rs23 to Rs437.50 per share.

Significant turnover was recorded in the stocks of Pakistan International Airlines (PIA), Lotte Pak PTA, Jahangir Siddiqui Co, Pakistan Telecommunication Company Ltd and Telecard Limited. PIA remained the volume leader with 27.1 million shares, with increase of 95 paisas to Rs7.72 per share; it was followed by Lotte Pak PTA with 23.22 million shares with the increase of 30 paisas to Rs7.99 per share.

Shares turnover in the futures market increased from 12.84 million shares traded in the previous session to 21.81 million shares. Of a total of 338 companies’ stocks traded, 129 advanced, 185 declined and 24 remained unchanged.

Indus Motor Co Rs11.79
Closing Rs328.24

Philip Morris Rs10.12
Closing Rs212.54

National Ref Rs10.04
Closing Rs233.16

Unilever Pak Rs249.99
Closing Rs10,500.01

Indus Dyeing Rs23.00
Closing Rs437.50

Colgate Palm Rs20.00
Closing Rs1,600.00


Courtesy: The News

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