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KSE 100-index down by 275 points

KSE 100-index down by 275 points

KARACHI: Karachi Stocks Exchange (KSE) 100-Index lost 275.75 points to reach 28243.59 due to prolonged political uncertainty in the federal capital for 12 days.

KSE 100-index has started trading at 28519.5 points and gained 90 points in first forty minutes to reach all day high 28609.94 mark but later stock started losing points gradually to end with 275 points loss. Highest value of the day recorded at 28609.94 points while lowest at 28215.28. Total 49,667,220 shares were traded till mid-day.

The highest increase witnessed in price of the Fauji Cement, Telecard Limited, Jah.Sidd. Co and Engro Corporation while the UniLever Pak, Siemens Pakistan, Shield Corporation and Millat Tractors Ltd remained the losers of the day.

As a whole, 11.59 per cent of companies witnessed increase in their shares while 35.60 per cent lost their share value and 2.81 per cent companies remained stable.

The financial experts were of the view that the announcement of PTI chief as he has suggested that Pakistanis abroad should halt sending foreign currency to Pakistan, will bring the stock more down in the next coming days.

They said PTI Chairman Imran Khan’s proposal to overseas Pakistanis for sending foreign remittances through illegal means like Hundi and Hawala were violation of national and international rules which will only damage the economy of the country.