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Closing: KSE continues with bearish spell, down 0.08% as Rangers raid MQM headquarters

KARACHI: The Karachi Stock Exchange benchmark 100-index lost 26.98points or 0.08 percent to reach 32539.61 points and volume of 111,607,520 shares on Wednesday as Sindh Rangers raided Muttahida Qaumi Movement (MQM) in Karachi, with the party claiming that several leaders had been arrested, worsening security situation.

The Karachi Stock Exchange witnessed bearish activities with shares price falling continuously in early trade on Wednesday as the KSE-100 Index plummeted to 32263.40 points with huge fall of 303.19 points or 0.93 percent due to proposed gas tariff hike, expected SBP rate cut, foreign selling and profit taking.

Likely negative impact of expected raise in gas tariff next month on fertilizers, cement and textile sector stocks led the bearish rally at KSE despite strong economic outlook on expected approval of IMF $522 tranche this month on improving economic performance.

Volume was 132m shares as compared to last 3 months average daily volume of 250m shares. Likewise, value traded also stood low at Rs7.5b/US$76mn versus last 3 month average of Rs14b/$140mn.

Analysts said that it had some objections with few local brokers regarding their net capital balance that determines their capacity to trade in the market. As a result, overall participation has reduced in the market.

The High and Low were 32604.10  and 32531.13 respectively with the total volume traded in the market of 111,607,520.