Bearish trend continued on the Karachi share market on Thursday and the KSE-100 index lost another 172.63 points to close at 13,674.04 points level amidst thin volumes. "Lack of local and foreign investor interest was witnessed due to prevailing uncertainty on political front and bad law and order situation in the country coupled with declining oil prices in the international market," analysts said.
The KSE-30 index declined by 177.57 points to close at 16,200.27 point level. The market started on a negative note and the KSE-100 index hit 13,624.26 points level as the market participants opted to offload their holding from the start of the session. Trading activity remained dull as the ready market volume declined to 195.329 million shares as compared to 274.647 million shares traded a day earlier. The futures market turnover decreased to 40.731 million shares against 47.951 million shares previously.
The overall market capitalisation declined by Rs 57 billion to Rs 4.195 trillion. Trading took place in 372 scrips, out of which 274 scrips closed in negative and 72 in positive while the value of 26 scrips remained unchanged.
NBP was the overall volume leader of the day with 15.006 million shares however the scrip declined by Rs 5.60 to close at Rs 221.25. NIB Bank, BankIslami Pak and JS Bank lost Rs 0.70, Rs 0.90 and Rs 1.00 to close at Rs 21.15, Rs 18.00 and Rs 19.00 respectively.
TRG Pakistan decreased by Rs 0.50 to close at Rs 12.55 with 12.430 million shares. PTCL lost Rs 1.30 to close at Rs 38.70. Arif Habib Sec declined by Rs 1.60 to close at Rs 165.30. Nimir Industries Chemical lost Rs 0.20 to close at Rs 6.20.
OGDC declined by Rs 1.00 to close at Rs 118.25. Azgard Nine closed at Rs 49.85, down by Rs 2.60. AKD Capital Limited and Rafhan Maize were the highest gainers and gained Rs 12.40 and Rs 10.00 to close at Rs 260.40 and Rs 2510.00 respectively while Wyeth Pakistan and Jahangir Siddiqui Co were the highest losers and lost Rs 104.45 and Rs 62.80 to close at Rs 1984.55 and Rs 1194.05 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that selling pressure continued at the share market and the market participants preferred to offload their holdings due to prevailing law and order situation in the country.
The prevailing political uncertainty on disagreement for national government with President Musharraf was also another concern for market participants, which affected their confidence. Rising trade deficits, falling SCRA balances, currency economic outlook concerns also invited selling pressure at the share market. On the other hand, declining oil prices in the international market fell near to $90 per barrel also invited selling in the relevant stocks.