The Karachi share market witnessed another dull session on Thursday and the KSE-100 index declined by 90.89 points to close at 12,035.21 points level due to lack of investors' confidence and to negative economic and political outlook. The KSE-30 index declined by 122.94 points and settled at 13,973.72 points level.
The market started in the negative zone and remained in the red zone throughout the session. The index closed at its intra-day low level of 12,035.21 points. Trading activity remained thin as the ready market volume declined further to 11.117 million shares, compared to 13.778 million shares traded a day earlier. The futures market turnover decreased to 3.888 million shares against 8.510 million shares on Wednesday.
The overall market capitalisation declined by Rs 25 billion to Rs 3.712 trillion. Trading took place in 202 scrips, out of which 137 scrips closed in the negative and only 28 scrips closed in the positive while the value of 37 scrips remained unchanged.
NIB bank was the overall volume leader of the day with 2.265 million shares and lost Rs 0.11 to close at Rs 11.04. In the other banking stocks, JS Bank, Saudi Pak Bank and MCB declined by Rs 0.13, Rs 0.03 and Rs 3.19 to close at Rs 13.35, Rs 15.15 and Rs 316.70 respectively.
OGDC lost Rs 1.23 to close at Rs 121.93. DG Khan Cement and Pakistan Cement decreased by Rs 0.65 and Rs 0.06 to close at Rs 65.16 and Rs 6.62 respectively. PTCL closed at Rs 37.51. PSO declined by Rs 4.24 to close at Rs 420.27. Pak Elektron decreased by Rs 0.26 to close at Rs 55.49.
Shield Corporation and Metro Steel were the highest gainers and gained Rs 9.00 and Rs 4.98 to close at Rs 134.00 and Rs 54.86 respectively while Jahangir Siddiqui and Attock Petroleum were the highest losers and lost Rs 5.19 and Rs 4.27 to close at Rs 514.42 and Rs 423.69 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that selling continued at the share market due to expectations of discount rate rise, which affected investors' confidence negatively. Political uncertainty, falling rupee=dollar parity, foreign divestment, falling international equity markets and the law and order situation in the country were said to have shaken investor confidence.
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