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KSE tumbles 672 points in 5th bearish rally as MQM quits coalition   

KSE tumbles 672 points in 5th bearish rally as MQM quits coalition   

KARACHI: Political uncertainty due to Imran Khan and Tahirul Qadri’s sit-ins and huge public meetings and MQM’s withdrawal from the coalition government in Sindh caused fifth straight bearish day at KSE 100-Index on Monday.

The KSE 100-Index plunged 0.58 percent or 171.98 points to 29,711.12 points on Monday when compared with 29,883.10 points recorded on Friday and the market lost 672 points in 5 days bearish rally.

On Monday, KSE-Allshare index misplaced 107.16 points or 0.49 percent to close the trading at 21887.59 points, KSE-30 Index reduced 151.63 points or 0.76 percent to end the session at 19770.04 points while KMI-30 index plunged by 392.85 points or 0.82 percent to close the session at 47601.25 points.

KSE traded 126.966 million shares after opening at 159.550 million shares on Monday and the value of traded shares was reduced to Rs 6.187 billion from Rs 7.256 billion. The capitalisation of the market maintained at Rs 6.917 trillion after opening at Rs 6.954 trillion of the previous session.

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 (Pak) Limited, Bhanero Tex XD and Wyeth Pak Limited remained the biggest losers of the day.

As a whole 17.19 per cent of companies witnessed increase in their shares while 39.83 per cent lost their share value and 1.49 per cent companies remained stable.

High and Low were 29927.54 and 29672.97 respectively. Total volume traded in the market was 59,831,040 shares.

An official of Topline Securities was of the view that low trading of oil and cement in recent weeks and lack of interest from traders caused low trading at KSE too. “Investors traded cautiously on disturbance at political front as the opposition party PPP (Pakistan Peoples Party) hosted a gathering of supporters in Karachi on Saturday,” they added