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Midday: Cyclone Nilofar fears narrow KSE gains

Midday: Cyclone Nilofar fears narrow KSE gains

KARACHI: Vagaries including the speculations about Cyclone Nilofar in Arabian Sea triggered panic in the stock market as KSE-100 index lost most of early gains and plunged to 30266 points in the midday trading on Wednesday. However, it managed to hold 41 points or 0.14% of the early gains.

Earlier at opening, the Karachi Stock Exchange showed tremendous resilience and went up to the level of 30318.06 with a gain of 93 .44 points, shrugging off the overnight losses on Wednesday.

The market opened on a positive note and appeared to have forgotten the overnight marginal losses. The trading started at 30225 and the KSE-100 index kept upward march to reach 30318 points with a considerable gain.

It is to be noted that institutional profiting-taking had led the market to red zone on Tuesday and the index had lost 13 points.

At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index dropped 0.04% or 13.34 points to end at 30,225.62

Meanwhile, Pakistan Meteorological Department warned that Cyclone Nilofar in the Arabian Sea has intensified into a ‘very severe’ tropical cyclone.

Following the development, Section 144, which prohibits bathing in the sea, has been imposed in the coastal areas including Karachi and Badin and coastal areas of Balochistan.

Speaking to the media, Chief Meteorologist Tauseef Alam said the cyclone is currently 1,100 kilometers away from Karachi.

He said the cyclone will start moving towards the north-west and then north-east during the next 12 hours.

Alam also said that torrential rains will also take place in the coastal areas of Sindh including Karachi, Umer Kot and Keti Bunder.

The Balochistan government imposes a ban on entry of fishermen in Arabian Sea. The Balochistan government issued red-alert for coastal belt of the province as Cyclone Nilofar gradually approaches Gwadar and other areas.