Karachi share market on Monday witnessed negative trend and the KSE-100 index fell by 84.40 points to close at 9,221.96 points. The market opened on a negative note and remained volatile throughout the day. During the session, the KSE-100 index hit 9,185.80 points intra-day low level, however in the evening, the market recovered and closed at 9,221.96 points.
Due to lack of interest by foreign as well as local buyers, trading activity remained on lower side as the volumes at ready counter significantly declined to 76.07 million shares as compared to 14.32 million shares traded on Friday. The overall market capitalisation decreased by Rs 24.867 billion to Rs 2.661 trillion from Rs 2.686 trillion. Out of the total 372 active scrips, 96 closed in positive, 260 in negative while the value of 16 scrips remained unchanged.
Bank Al-Falah was the volume leader with 15.46 million shares, losing Re. 0.01 to close at Rs 14.26. Nishat (Chunian) increased by Re. 0.52 to close at Rs 16.72 with 5.07 million shares. Pak PTA lost Re. 0.15 to close at Rs 7.47 with 4.23 million shares. Bosicor Pakistan closed at Rs 8.87, up by Re. 0.23 with 3.29 million shares. The Pace Pak decreased by Re.0.18 to close at Rs 5.82 with 2.83 million shares. PTCLA lost Re. 0.33 to close at Rs 17.89 with 2.8 million shares. TRG Pakistan decreased by Re. 0.09 to close at Rs 2.07 with 2.64 million shares.
Arif Habib Sec decreased by Re. 0.62 to close at Rs 47.16 with 2.33 million shares. Oil and Gas Development Corporation lost Re. 0.84 to close at Rs 110.11 with 2.31 million shares and Jah Sidd Co lost Re. 0.65 to close at Rs 29.17 with 2.06 million shares. Unilever Pakistan and Unilever Food were top gainers, gaining Rs 25 and Rs 20.95, respectively to close at Rs 2300.00 and Rs 1398.00 while Lakson Tobacco and Hino Pak Motors were the worst losers declining by Rs 16.65 and Rs 12.57 to close at Rs 316.46 and Rs 239.01 respectively.
Hasnain Asghar Ali at Aziz Fidahusein said that the shallow market continued to face offloading mainly in the main board stocks having reservations on revenue and pay out streams by the local participants, as depleting turnover forced an early sell-off. Absence of buyers on intervals forced low volume price erosion in the expensive stocks, and the benchmark went tumbling down and registered triple digit adjustment in early hours, he added.
He said absence of user friendly ready board leverage has indeed made the local bourses more sensitive to various political and law and order issues, which otherwise wouldn't have impacted the market movement as the outcome from both fronts cannot be ascertained from the coffee shop debates.