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Closing: Foreign investors prop up KSE with slight gains

Closing: Foreign investors prop up KSE with slight gains

KARACHI: The Karachi Stock Exchange (KSE) 100-Index gained 25.24 points to reach 30070.13 on the first trading day of the week as the deadlock in dialogue between government and PTI and PAT, has been worsening the weeks-long political uncertainty in federal capital.

The KSE 100-index opened at 30044.89 and traded 68,539,480 shares during the day. The market lost 142 points to reach 29902 at start, however, in midday trading KSE 100-index march upward and gained 98 points to reach 30,000 mark. Highest points were recorded 30095.19, while the lowest were 29890.36 points in the KSE 100-index market

The highest increase witnessed in price of the Fauji Cement, Telecard Limited, Jah. Sidd Company and Engro Corporation while the Unilever Pak, Siemens Pakistan XD, Shield Corporation and Millat Tractor Limited remained the losers of the day. As a whole, 27.44per cent of companies witnessed increase in their shares while 29.75 per cent lost their share value and 2.64 per cent companies remained stable.

Abbasi & Company Private Limited transaction officer Mansoor Ali Shah commented on the daylong activity of the KSE-100 index that market remained range bound and close with positive points. He said that during early hours, market lost points but later traders showed interest and bought the shares which gave the positive edge to market. “Political standoff is a factor of discomfort for the investors,” he said adding that banking sector, fertilizer sector gained low investment.

Topline Securities AVP Sales Muhammad Rizwan analyzed the situation that foreign investment is playing a positive role to sustain the market as the domestic investors or short term players keeping themselves on safe edge due the tussle among political figures in the federal capital. He further said flashes flood has negative impact on the country’s economy and delay in policies from the government due to political rift spread confusion among the investors.