While recovering gradually from a massive plunge Monday, the Karachi share market lost 108.36 points Wednesday following fragile security situation in the city after a terrorist attack on a bus that killed over 40 people at Safoora Goth area. The KSE-100 index slipped to 32,915.44 points compared to Tuesday's 33,023.80 The benchmark index ended the day in volatility as is evident from its movement between the intraday high and low of 33,232.33 and 32,890.56.
Despite decline, foreign portfolio investment landed in the positive territory marking a net buying of $3.92 million. The trading turnover declined from 177 million to 155 million shares that stands far lower than year-to-date (YTD) average of 243 million shares.
The value of stocks traded slid to Rs 8.38 billion against Rs 10.39 billion Tuesday. Of the total 332 scrips traded, 138 appeared as gainers, 164 losers while 30 stayed put. The market capitalisation also moved southward to total Rs 7.202 trillion compared to Rs 7.211 trillion of the last trading session. The offshore investors' net buying stood at what analyst said a negligible $1.709 million. Pak Elektron, down 0.61 percent to Rs 61.21, kept leading volumes and counted 20.81 million of its listed stakes changing hands.
Other best performers included Byco Petroleum 13.5 million, Ghani Automobile 12.8 million, TRG Pakistan 11.4 million, K-Electric 10.2 million, Maple Leaf Cement 7.1 million, Jahangir Siddiqui Company 5.1 million, Lotte Chemical 4.3 million, Fauji Cement 4.2 million and Dewan Motors 3.9 million shares. Trade on the futures market dipped to 32 million contracts from previous 39.3 million. Led by second and third-tier scrips, stocks closed bearish amid thin trade, said Ahsan Mehanti of Arif Habib Corp. The security unrest in the city, analyst said, forced the risk-averse investors to go for profit-taking.
"Support remained in oil and gas stocks after global crude oil price rise and reports of likely increase in local gas prices," he said. Catalysts for the bearish activity, said Mehanti, included pre-budget uncertainty and minor change in MSCI review results for May'15. Topline analyst Samar Iqbal saw dull activity at the bourse "due to Karachi bus attack incident. No major surprise in MSCI rebalancing forced investors to book profits," she added. While bluechips like DGKC, LUCK and ENGRO fell 2.5, 1.0 and 1.7 percent, the small cap stocks remained active throughout the day.
Comments
Comments are closed.