Mixed trend was witnessed at Karachi share market on Monday due to the prevailing uncertainty on the political front in the country. After moving both sides the index finally closed in the negative zone at 5,681.29 points level, down by 46.17 points. The market started on a positive note and the index hit 5,752.77 points intra-day high level.
However, it could not continue with this trend on investors' cautious stance due to political uncertainty, and the index dropped into the negative zone to reach 5,661.30 points intra-day low level. Trading volumes at the ready counter, however, increased to 85.351 million shares as compared to 57.116 million shares traded on Friday.
The overall market capitalization declined by Rs 14 billion to Rs 1.765 trillion. Out of the total 269 active scrips, 161 closed in the negative and 98 in the positive while the value of 10 scrips remained unchanged. PTCL was the overall market volume leader with 6.402 million shares and gained Re. 0.78 to close at Rs 14.96. OGDC lost Re. 0.29 to close at Rs 55.21 with 5.087 million shares. Zeal Pak closed at Re. 0.29, up by Re. 0.01 with 4.762 million shares.
NIB Bank lost Re. 0.01 to close at Rs 4.50 with 4.758 million shares. Azgard Nine gained Re. 0.85 to close at Rs 19.32 with 3.679 million shares. Bank Al Falah (R) lost Re. 0.49 to close at Re. 0.54 with 3.374 million shares. UBL declined by Rs 1.91 to close at Rs 43.05 with 3.150 million shares. POL closed at Rs 120.56, down by Re. 0.01 with 3.131 million shares.
Jahangir Siddiqui Co lost Rs 1.40 to close at Rs 26.77 with 3.058 million shares. Fauji Fertiliser Bin Qasim gained Re. 0.20 to close at Rs 17.82 with 3.014 million shares. Nestle Pakistan and Attock Petroleum were the highest gainers and gained Rs 32.25 and Rs 11.72 to close at Rs 902.25 and Rs 246.17 respectively while Unilever Foods and Pak Services were the worst losers and lost Rs 16.53 and Rs 8.25 to close at Rs 1560.00 and Rs 161.75 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that the indecisive opening did make on attempt to enter and maintain a positive posture. However the shallow market failed to keep the desperate sellers on the back foot. Nervousness linked to the expected next episodes of the political happenings forced the investors to liquidate their holdings.
With the result season almost over the new and existing investors of the economy and equity markets are seemingly having troubles in viewing the scenario beyond March and then there will be the post budget scenario, thus keeping the environment disturbed. And adding to these miseries are the concerns expressed by IMF on the recent political development.
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