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Closing: Bears dominate KSE amid political uncertainty in Islamabad

Closing: Bears dominate KSE amid political uncertainty in Islamabad

KARACHI: The Karachi Stock Exchange (KSE) 100-Index lost 37.60 points to reach 29691.31 points due to prolonged political uncertainty haunting the federal capital.

The market opened with negative note losing points to reach 29712.11 from the overnight 29728 points in midday trading; however, market recovered quickly gaining 59 points to reach 29787 after that. The KSE 100-index opened at 29665.90 and total volume of trade remained 56,336, 20 shares.

The highest increase witnessed in price of the Fauji Cement, Telecard Limited, Jah.Sidd. Co and Engro Corporation while the UniLever Pak, Siemens Pakistan, Shield Corporation, and Millat Tractors Ltd remained the losers of the day.

As a whole, 26.12 percent of companies witnessed increase in their shares while 28.43 percent lost their share value and 3.14 per cent companies remained stable.

The real estate investment sector shares witnessed a turnover of 19.6 per cent, chemicals sector 15.3 per cent, construction and materials (cement) 11.8 percent, and personal goods sector’s turnover was 10.3 percent.
Mansoor Ali Shah, transaction officer of the Abbasi and Company (Private) Limited said that the KSE 100-index gained 143 points on Tuesday but lost 37 points on Wednesday, which shows investor’s discomfort due to political uncertainty.