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Closing: KSE slides 75 points as bears haunt back

Closing: KSE slides 75 points as bears haunt back

KARACHI: The Karachi Stocks Exchange (KSE) 100-Index lost 75.31 points to reach 30104.99 on Wednesday as the ongoing political unrest spread confusion among the investors.

The KSE 100-index opened at 30180.36 and made trade of total volume 108,694,110 shares. Although it was a volatile opening in the Karachi Stock Exchange as stocks went down sharply, the KSE-100 index recovered quickly and reined in sluggish trend and gained 81 points or 0.27 percent to reach 30261 in early trading, while in midday trading bears haunted back as the market plunged 111 points to reach 30081.71 points during midday.

The highest increase witnessed in price of the Fauji Cement, Telecard Limited, Jah Sidd Company and Engro Corporation, while the Unilever Pak, Siemens Pakistan, Shield Corporation and Millat Tractors Limited remained the biggest losers. As a whole, 28.43per cent of companies witnessed increase in their shares while 27.93 per cent lost their share value and 3.97 per cent companies remained stable.

Experts were of the view that political scenario is directionless in Pakistan, as the Pakistan Tehreek-e-Insaf has decided to demonstrate its power on Friday by staging a much bigger show. “Both protesters parties PTI and PAT have been encamped in the Red Zone against the rigging in the 2013 general elections and demanding for the Premier resignation. Flash flood has also been damaging the economy of Pakistan,” they added.

They analysed that the investors were confused about investing in the market until Pakistan’s political unrest saw a peaceful resolution.

On the hand, flood peak in Chenab River crossed Panjnad without harming it, but wreaked havoc deep into the heart of southern Punjab.