Selling pressure grips KSE

Selling pressure continued at the Karachi share market on the second consecutive day on Friday due to prevailing uncertainty on political front and law and order situation in different parts of the country.
The KSE-100 index lost another 160.67 points to close at 12,406.71 points'' level, while the KSE-30 index declined by 292.80 points to close at 15,100.29 points'' level.
The market started on negative note and the bears gradually strengthened their position and at one time, the KSE-100 index hit 12,355.60 points'' intra-day low level. Trading activity remained dull as the ready market volume declined to 169.814 million shares as compared to 265.199 million shares traded a day earlier. The futures market turnover stood at 54.162 million shares against 54.377 million shares previously.
The overall market capitalisation declined by Rs 44 billion to Rs 3.602 trillion. Trading took place in 299 scrips, out of which 188 scrips closed in negative and 79 in positive, while the value of 32 scrips remained unchanged.
Lucky Cement was the star performer of the day with 17.883 million shares and the scrip surged by Rs 1.90 to close at Rs 120.40. Al Abbas Cement gained Rs 0.65 to close at Rs 13.15, while DG Khan Cement lost Rs 0.50 to close at Rs 12.50. Adamjee Insurance performed well and gained rupee one to close at Rs 308.
The E&P giant, Oil and Gas Development Company (OGDC) was the second highest volume leader with 12.461 million shares, but the scrip declined by Rs 0.50 to close at Rs 108.75. POL declined by Rs 0.95 to close at Rs 300.60. The banking sector witnessed heavy selling pressure and Bank of Punjab (BoP), National Bank of Pakistan (NBP) and Bank Al Falah lost Rs 4.65, Rs 7.45 and Rs 1.75 to close at Rs 97.25, Rs 234 and Rs 46.50 respectively. JOV & Co declined by Rs 5.85 to close at Rs 169.15.
Unilever and JS Global Capital Limited were the highest gainers, gaining Rs 89.95 and Rs 18.95 to close at Rs 2,339.95 and Rs 4,54.95 respectively, while Jahangir Siddiqui Co and Siemens were the highest losers. They lost lost Rs 36 and Rs 25 to close at Rs 940 and Rs 1,480 respectively.
Ahasn Mehanti at Shehzad Chamdia Securities said that prevailing uncertainty on political front and law and order situation in the different parts of the country remained the main reason, which invited heavy selling pressure at the share market.
The investors opted cautious stance and preferred to offload their holdings on available margins. Selling pressure was witnessed in almost all sectors, but some select scrips in cement and insurance sectors witnessed fresh buying and closed in positive.
Salman Naqvi at Abba Ali Habib Securities said that the political uncertainty was the main reason behind the recent decline at the share market. The investors preferred to remain sidelined, as they were cautious regarding announcement of Mian Nawaz Sharif''s return. The banking sector was under heavy selling pressure and most of the relevant scrips closed in negative.