KARACHI: The Karachi Stock Exchange (KSE) 100-index lost 322.52 points to reach 29383.13 points with a volume of shares 47,072,210 on the first day of trading on Monday, as the political situation is becoming unexpected after a showdown by Pakistan Tehreek-e-Insaf in Lahore.
Earlier, the market opened on a negative note and fell down from the weekend closing of 29705 points. The stocks failed to cope with the bearish trend and kept on downward march. The investors appeared cautious and preferred to wait and see the trend.
Last week the market remained bearish and fell down below the 30,000 barrier. On Friday of last week, KSE lost 258.98 points to stand at 29681.29 points.
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 (Pak) Limited, Bhanero Tex XD and Wyeth Pak Limited remained the biggest losers of the day.
As a whole 12.07 percent of companies witnessed increase in their shares while 44.63 percent lost their share value and 3.64 percent companies remained stable.
Financial experts say that lack of triggers and limited foreign interest took toll on the benchmark index due to which the KSE-100 index failed to sustain its level above 30,000-point barrier.
On the other hand, on Sunday, Pakistan Tehreek-e-Insaf (PTI) held a successful procession under the shadow of historic Minar-e-Pakistan to build more pressure on the PML-N in Lahore. Moreover, the stalemate over the resignations of PTI legislators from the National Assembly still continued.