KSE index loses 110 points amid political uncertainty

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KSE index loses  110 points amid political uncertainty

KARACHI The Karachi stock market started the new year (2013) on a dismal note as stocks closed lower Tuesday on institutional profit-taking amid concerns over rising political uncertainty.

Lower CPI inflation for Dec 2012 and release of $ 688m US Coalition Support Fund affected the sentiments, a dealer observed here. The benchmark KSE 100-share index shed 110.46 points or 0.65 per cent to stop the day at 16,794.87 points as compared to 16,905.33 points of the previous day. An analyst said falling banking spreads, looming energy crises and global uncertainty over US fiscal cliff impact affected the foreign interest at KSE.

KSE allshare-index lost 64.52 points or 0.54 per cent to close the day at 11899.72 points, KSE 30-share index shed 69.06 points or 0.50 per cent to end the day at 13,694.94 points while KMI 30-share index lost 154.68 points or 0.53 per cent to conclude the day at 28,970.87 points.

Market traded 119.677 million shares after opening at 177.671 million shares and the value of traded shares decreased to Rs 2.139 billion from Rs 4.438 billion. The stock market capitalization settled at Rs 4.219 trillion compared to Rs 4.242 trillion of a day earlier.

Out of 342 stocks, losers held a strong lead over the gainers by 239 to 83 while the values of 20 stocks remained intact. Unilvever Pak was the top loser of the day, down by Rs 100 to Rs 10000 while the Noon Pakistan was the top price gainer of the day, up by Rs 2.53 to Rs 53.23.

BOP was the volume leader of the day with 15.818 million shares as it closed at Rs 9.71 after opening at Rs 10.70. PIAC (A) was on the second position with 11.324 million shares, up by Re 0.39 to Rs 4.42.

It was followed by Byco Petroleum, shed Re 0.35 to Rs 14.10, JS Company with 7.833 million shares, dowm Re 0.56 to Rs 15.58 and Silk Bank Limited with 5.100 million shares, off by Re 0.07 to Rs 2.21.

Courtesy: Nation

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