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Bearish trend persists as 100-index loses 118pts till midday

Bearish trend persists as 100-index loses 118pts till midday

KARACHI: The Karachi Stock Exchange remained in bearish trend as KSE benchmark 100-index lost 118.39 points to reach 32920.81 points level till midday on Monday.

The KSE recorded the highest level of trading at 33098.95 points and lowest level of 32910.01 points, with the total volume of 36,998,190 shares, having Rs2,307,744,586 value.

Despite losing share value, Pak Refinery(R) topped the trading companies with a volume of 16,137,400 and price per share of 36.65 (-0.67). B.O.Punjab remained second with a volume of 8,354,000 and price per share of 9.86 (0.05) and Byco Petroleum with a volume 5,604,500 of price per share of 13.97 (-0.35).

After witnessing ups and downs in trading during the previous week, the Karachi Stock Exchange again started week with the negative note as 100-index shed 38.94 points to drop to 33000.26 level, with the total volume of 11,869,300 shares.

During the last week, the stock market observed a bearish week as a number of unwanted events affected the benchmark KSE-100 index, resulting in a decline of 703 points (2.1%).

The week started off on a disastrous note after reports emerged that market brokers were under investigation for insider trading and the situation did not improve much later in the week following a terrorist attack in Karachi.

Average trading volumes held steady and were recorded at 191 million shares per day. However, average daily values dropped 9.5% and stood at Rs9.75 billion.