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KSE-100 tumbles by 517pts, down 1.63% to close at 31239pts

KSE-100 tumbles by 517pts, down 1.63% to close at 31239pts

KARACHI: The Karachi Stock Exchange (KSE) lost massive 517.25 points or -1.63 percent to reach 31239.04 points and volume of 180,057,570 shares as bears routed out bulls from the market on Thursday.

Till midday, the benchmark KSE-100 index plummet 535.12 points or 1.63 percent to came down to 31221.17 points.

The market failed to start off on a positive note and recoup the overnight losses that were triggered by a profiting taking spree, forcing the benchmark to red zone.

As a whole 13.46 per cent of companies witnessed increase in their shares while 46.47 per cent lost their share value and 1.31 per cent companies remained stable.

High and Low were 31760.80 and 31026.30 respectively. Total volume traded in the market was 180,057,570 shares.

Analysts say foreign fund managers showed exceptional interest in the market and it is expected that the bullish trend may retained at the bourse in the coming days.

The appreciation in the value of rupee against dollar also boosted confidence of the investors in first two days of market; however it lost 250 points on Wednesday unexpectedly.

Following the negative sentiments concerned the investors due to the uncertainties and they opted for playing safe and take their cash off the table.

The investor concerns were exacerbated by the developments on the political front with major political parties feared to be treading on a collision course.

In the wake of Pakistan Tehreek-i-Insaf (PTI) rally scheduled for November 30 in the federal capital, Interior Minister Chaudhry Nisar Ali Khan declared that the government would not create any hurdle in holding a ‘peaceful political gathering’.

He, however, added that the organisers will have to follow the procedure and get permission from the local administration about the site and other conditions.

Ch Nisar said that no one would be allowed to take the law into his own hands.

“The government and the administration will deal with iron hands if somebody tried to violate the law,” said the interior minister, adding that nobody would be allowed to create a law and order situation in the federal capital.

He said that Army troops, deployed earlier to protect sensitive installations and state buildings in Islamabad, can be called back in if the need arises.