Bearish trend continued at the Karachi share market on Thursday and the KSE-100 index lost another 56.64 points to close below the 10,000 psychological level at 9,993.40 points. After opening in negative, some support was witnessed after buying in some select scrips letting the index visit the positive territory briefly. However, due to absence of follow support and selling by locals the index once again dropped into the negative zone.
During the session, the index kept oscillating between 10,071.94 points intra-day high and 9,971.80 points intra-day low levels. Due to poor law and order situation in the city, the investors'' participation remained very low and the volumes at ready counter drastically declined to 66.313 million shares as compared to 118.282 million shares traded on Wednesday.
The overall market capitalisation declined by Rs 18 billion to stand at Rs 2.816 trillion. Out of the total 400 active scrips, 243 closed in negative, 137 in positive while the value of 20 scrips remained unchanged. Lotte Pakistan was the volume leader with 11.258 million shares, however it lost Re 0.23 to close at Rs 9.73.
Arif Habib Sec declined by Rs 1.37 to close at Rs 39.52 with 4.215 million shares. In the banking sector, NIB Bank and UBL decreased by Re 0.04 and Re 0.69 to close at Rs 3.60 and Rs 54.72 with 4.072 million shares and 2.220 million shares respectively while BoP increased by Re 0.08 to close at Rs 13.92 with 2.698 million shares.
Nishat Mills declined by Rs 2.05 to close at Rs 50.48 with 4.021 million shares. PTCL lost Re 0.06 to close at Rs 21.53 with 4.019 million shares. TRG Pakistan decreased by Re 0.15 to close at Rs 4.97 with 2.085 million shares. Jahangir Siddiqui Co declined by Re 0.42 to close at Rs 15.04 with 1.739 million shares. Hub Power Company closed at Rs 33.75, down Re 0.05 with 1.640 million shares.
Indus Motor and Nestle Pak were the top gainers with Rs 12.64 and Rs 11.92 to close at Rs 268.83 and Rs 1541.25, respectively while Unilever Pakistan and Unilever Food were the worst losers with Rs 67.20 and Rs 40.00 to close at Rs 3832.80 and Rs 920.00, respectively.
Khurram Schehzad, senior analyst at Invest Capital and Securities said that the negative trend in the global markets affected investors'' sentiments at the local bourse. The declining oil prices in the international markets also forced the market participants to offload their holdings mainly in the oil sector stocks. The law and order situation in the city, on the other hand, deepened foreign investors concerns, who remained net sellers of shares worth $0.061 million on Thursday.
Comments
Comments are closed.