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Closing: Bears stare through KSE, ends in black

Closing: Bears stare through KSE, ends in black

The major stocks market of country lost 39.19 points despite a good start in morning, yesterday trading

KARACHI: The Karachi Stock Exchange (KSE) 100-index could not sustain Monday’s gains and ended in black on Tuesday. The KSE, with a positive start and 100 plus gains in morning, ended with 39.19 points loss to reach 30355.22 points and volume of 118,614,590 shares.

Earlier, KSE witnessed fluctuations in its trading moves on graph and gained 86 points in morning session. Till midday KSE even went to minus figure but soon bounced back and gained 22.94 points with positive change of 0.08 percent to stand at 30417.35.

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

As a whole, 32.34 percent of companies witnessed increase in their shares while 29.04 percent lost their share value and 2.48 percent companies remained stable.

Economists said that the government plans to increase the GDP growth were going nowhere, as they were just pushing it with foreign loans and privatisation of national institutions. “Trading in stocks market is also as uncertain as plans of our government, sometime it works, sometime it don’t,” they added.

On the other hand, Pakistan’s apex court has allowed the federal government to proceed with the sale of the Oil and Gas Development Company Limited (OGDCL) shares after overturning a Peshawar High Court (PHC) stay.

Finance Minister Ishaq Dar has said that Pakistan will get $ 1.1 billion tranche from the IMF in December this year. He also lauded the efforts of his financial team for keeping fiscal deficit to an acceptable 8.2 percent while making an enhanced allocation of Rs 451 billion to the development budget.

On the political front, which is sometime a major factor in shaping the trading at the stock market, National Assembly Speaker Sardar Ayaz Sadiq said that he had no objection if the Pakistan Tehreek-e-Insaf parliamentarians wanted to come together for verification of their resignations.