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Closing: KSE bounces back with 167 points

Closing: KSE bounces back with 167 points

KARACHI: Karachi Stock Exchange (KSE) 100-Index gained 167.06 points to reach 29858.37 mark on Thursday as the negotiators of government, PTI and PAT hoped the resolution of political unrest soon.

Political standoff in the capital has caused some fears among the investors while flood related apprehensions caused lacklustre activity at the bourse, as investors remained cautious to participate actively anticipating gloomy consequences of flood.

KSE 100-index opened at 29682.91 points and total volume of trade remained 86,819,040 shares. The market opened with positive mood and recorded 87 points to reach 29778 points till midday trading.

The highest increase witnessed in price of the Pace (Pak) Limited, P.T.C.L.A, D.G.K Cement XD and Fatima Fertilizer Company while the Pak Services, Bata (Pakistan) Limited, Bhanero Tex XD and Wyeth Pak Limited remained the losers of the day.

As a whole, 38.68 per cent of companies witnessed increase in their shares while 18.18 per cent lost their share value and 2.31 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 per cent.

ABA Ali Securities (Private) Limited, Sales Head Salman said that foreign and long term investor showing interest in purchasing of shares, while the traders or short term investor were not at comfort level to purchase shares in capital stock market of country. “The market struggled to find direction and investors remained confused,” he added.

 

He said that the political uncertainty has dissolved to some extent and investors were showing interest in cement and fertilizer sectors.