Stocks come tumbling down; KSE index sheds 212 points

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Stocks come tumbling down; KSE index sheds 212 points

KARACHI - Stocks closed bearish Thursday amid thin trade in stocks across the board on speculations over political set-up in the country.

At local equity market, the benchmark KSE 100-share index shed 212.30 points or 1.27 per cent to close the day at 16,529.92 points as compared to 16742.22 points of the previous day.

An analyst said security unrest in the country affected the sentiments. Weak global stocks and commodities and concerns over rising circular debt in energy sector played a catalyst role in bearish activity at KSE despite strong earnings outlook.

KSE allshare-index lost 142.98 points or 1.21 per cent to finish the day at 11685.09 points, KSE 30-share index decreased by 204.32 points or 1.49 per cent to close the day at 13492.09 points while KMI 30-share index shed 334.89 points or 1.16 percent to conclude the day at 28571.26 points.

A dealer said local political issues affected equity values at local bourses which fell by more than 1pc with low volumes. Investors were not certain about the outcome of the announcement by political parties.

PTC with volume of more than 12 million shares fell by 5.5pc. Other leading shares also saw profit-taking due to uncertainty on the political side.

Market traded 89.148 million shares after opening at 90.990 million shares and the value of traded shares minimized to Rs 2.675 billion from Rs 3.079 billion. Stock capitalization settled at Rs 4.141 trillion compared Rs 4.192 trillion of a day earlier.

Trading took place in 321 companies where losers outnumbered the gainers by 225 to 70 while the values of 26 scrips remained intact. Bata (Pak) was the top loser of the day, down by Rs 36.01 to Rs 1335 while Unilever Pak was the biggest loser of the day, down by Rs 80.77 to Rs 10000.

PTCLA was the volume leader of the day with 12.157 million shares as it closed at Rs 16.39 after opening at Rs 16.91. Fauji Cement was on the second position with 10.854 million shares, up by Re 0.07 to Rs 6.46. It was followed by Maple Leaf Cement with 5.198 million shares, off by Re 0.45 to Rs 15.31, JS Company with 5.082 million shares, shed 0.31 to Rs 14.74 and Byco Petroleum with 5.050 million shares, decreased by Re 0.12 to Rs 13.21.

Courtesy: The Nation

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