KARACHI: Profit-taking by share holders led the lackluster KSE 100-Index finish into red zone. The Karachi Stock Exchange (KSE) 100-index lost 13.34 points to reach 30225.62 points and volume of 101,465,880 shares on Tuesday.
Earlier the market opened on a positive note, though investors appeared cautious, the overall sentiments remained bullish.
The stock exchange which opened at overnight closing of 30238 points rallied and set the direction for the investors. The bullish trend seems to have dug in and decided to keep the stocks afloat.
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 biggest losers of the day.
As a whole 23.60 per cent of companies witnessed increase in their shares while 35.48 per cent lost their share value and 3.47 per cent companies remained stable.
High and Low were 30367.82 and 30198.17 respectively. Total volume traded in the market was 101,465,880 shares.
Economist said that even the Pakistan Awami Tehreek wrapped their sit-ins in Pakistan, however, political tension created from these sit-ins could not be soothe until the other party, Pakistan Tehreek-e-Insaf ended its protest in a bid to start struggle inside parliament for free and fare elections.
“Coastal belt of Sindh has been closed and Section 144 has been imposed as a precautionary measure for Cyclone Nilofar coming towards Karachi, and that put investors to trade cautiously,” they added.
On the other hand, Finance Minister Ishaq Dar blamed demonstrations for deteriorating condition of Pakistani economy and informed the National Assembly that demonstrations had brought disaster to every economic sector.
The minister said the current situation had affected the pace of economic development and badly damaged the image of the country all over the world.