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Closing: Karachi stocks show 8.75 points increase on Thursday

Closing: Karachi stocks show 8.75 points increase on Thursday

KARACHI: The Karachi Stocks Exchange 100-index gained only 8.75 points on Thursday to reach 29604.30 mark as political standoff still prevails in Islamabad.

The KSE 100-index opened at 29523.78 and total trade volume remained 128,676,320 shares. The highest increase witnessed in price of Fauji Cement, Telecard Limited, Jah sidd Company and Engro Corporation while the Unilever Pakistan, Siemens Pakistan, Shield Corporation and Millat Tractors Limited remained biggest loser of the day.

As a whole, 37.76 percent companies witnessed increase in their shares while 21.36 percent companies lost their share values and 1.99 percent companies remained stable.

The market opened with positive sentiments as the KSE-100 index scored 128.09 points to reach 29723.64 till midday, later, market faced downfall and suspended on 29604.30 points gaining only 8.75 points.

Financial analysts predict positive trend in coming days as parliamentarians vowed to protect democracy. Also the government and the opposition parties in the assembly have been making frantic efforts to break the deadlock after negotiating with Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan and Pakistan Awami Tehreek (PAT) chief Dr Tahirul Qadri, which will give confidence to shareholders at the KSE.

The MQM’s mounting pressure on the government to resolve the issue within one week also put a positive impact on the market.

The 100-index has been subjected to tremendous pressure as the PTI and the PAT are demanding the prime minister’s resignation and staging massive protests in Islamabad these days.