Negative sentiments prevailed at the Karachi share market due to uncertainty on the political front in the country, which kept the investors on the sidelines on Monday. The market started on a negative note and the benchmark KSE-100 index finally closed near its intra-day low level of 5,662.02 points, with a net loss of 86.08 points.
Trading activities remained dull as the ready market volumes declined to 48.058 million shares as compared to 69.156 million shares traded on Friday. The overall market capitalisation decreased by Rs 29 billion to Rs 1.753 million shares. Out of the total 415 active scrips, 310 closed in the negative and 89 in the positive while 16 remained unchanged.
NIB Bank was the overall volume leader with 4.281 million shares. However, it lost Re. 0.26 to close at Rs 4.09. Adamjee Insurance performed well and gained Rs 2.48 to close at Rs 52.11 with 3.344 million shares. Jahangir Siddiqui Co declined by Rs 1.25 to close at Rs 23.84 with 3.183 million shares. Bank Al Falah (R) lost Re. 0.07 to close at Re. 0.05 with 2.690 million shares. OGDC decreased by Re 0.97 to close at Rs 55.55 with 2.091 million shares.
Pak Start Fund gained Re. 0.03 to close at Rs 2.08 with 2.003 million shares. Searle Pakistan lost Rs 1.73 to close at Rs 44.26 with 1.798 million shares. Bank Al Falah decreased by Re. 0.12 to close at Rs 10.92 with 1.521 million shares. Zeal Pak closed at Re. 0.31, down by Re. 0.01 with 1.500 million shares. Arif Habib Sec declined by Re. 0.47 to close at Rs 21.53 with 1.472 million shares.
Nestle Pakistan and Unilever Pakistan were the highest gainers and gained Rs 25.00 and Rs 15.01 to close at Rs 1025.00 and Rs 1740.01 respectively while Wyeth Pakistan and Rafhan Maize were the worst losers and lost Rs 100.59 and Rs 69.00 to close at Rs 1911.26 and Rs 1326.00 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that the barometer of the economy truly reflected the pace of the economy despite assurance of support by the state fund. The day displayed lackluster activity with extremely thin volumes despite various efforts to present a healthy picture of the economy in coming months. The movement never allowed even the seasoned participants to take a bet. The polluted horizon and the fact that the local bourses have dully adjusted (downward) its price band with regard to PE ratio, reflection of various variables will further reduce the upside, when the corporate sector will announce results for June end 09, and beyond, short term traders capitalised on opening levels.
Ahsan Mehanti at Shehzad Chamdia Securities said that the dull selling activity continued due to the prevailing uncertainty on the political front. Falling international capital markets, high liquidity costs and lower than expected results announcements by listed companies remained a major concern for retail and institutional investors. Investors also remained concerned over political rallies and long marches planned against the government, he added.