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Closing: KSE suffers enormous losses of 419pts, down 1.24% on vigilant trading

Closing: KSE suffers enormous losses of 419pts, down 1.24% on vigilant trading

KARACHI: The Karachi Stock Exchange benchmark 100-index lost 418.61 points or 1.24 percent to reach 33213.58 points and volume of 104,294,990  shares on first day of trading, Monday.

Though a positive impact of the February inflation data was expected by experts, the benchmark KSE-100 Index fell down to 33581.29 points after losing 50.90 or 0.15 percent in the early trading on Monday.

Experts had expected consumer price index to ease to very low levels of 3.8 percent for Feb-15, which should generate hopes of a sharper than 50 basis points cut in discount rate in the March monetary policy announcement, and can trigger positive momentum at the bourse.

The benchmark 100-index had decreased by 361 points, or 1.1 percent, week on week to 33,632 points as against 33,993 points in the preceding week. Average trading volume dropped by 19 percent to 172 million shares from 212 million shares, value traded per day fell 22 percent to $89 million. Foreign portfolio investment outflow was recorded at $9.6 million as compared to $9.3 million earlier.

Another analyst had said there was a lack of any trigger in the market, however, inflation data at the beginning of the new week might set the market’s pace. The rollover of futures contracts whereas the net foreign selling of $9.6 million kept investors sentiments bearish, despite strong corporate announcements. The average trading volumes dropped by 19 percent WoW to 172 million shares per day.

The High and Low were 33717.15 and 33124.99 respectively with the total volume traded in the market of 104,294,990.