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Closing: KSE adds to overnight woes, sheds 112 points

Closing: KSE adds to overnight woes, sheds 112 points

KARACHI: The Karachi Stock Exchange (KSE) 100-index lost 112.38 points to reach 30113.24 points and volume of 169,324,030 shares on Wednesday.

Earlier at opening, the KSE showed tremendous resilience and went up to the level of 30318.06 with a gain of 93 .44 points, shrugging off the overnight losses on Wednesday. The market opened on a positive note, though investors appeared cautious, the overall sentiments remained bearish.

As a whole 20.79 per cent of companies witnessed increase in their shares while 38.12 per cent lost their share value and 3.30 per cent companies remained stable.

High and Low were 30349.50 and 30083.60 respectively. Total volume traded in the market was 169,324,030 shares.

Financial experts were of the view that vagaries including the speculations about Cyclone Nilofar in Arabian Sea triggered panic in the stock market as KSE-100 index lost most of early gains.

“Coastal belt of Sindh has been closed and Section 144 has been imposed as a precautionary measure for Cyclone Nilofar coming towards Karachi, and that put investors to trade cautiously,” they added.