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Weekly review: Bears rule KSE, sheds 360 points in weeklong trading

Weekly review: Bears rule KSE, sheds 360 points in weeklong trading

KARACHI: The Karachi Stock Exchange (KSE) 100-index lost360.81 points in the weeklong trading, as it opened at 33993 points on Monday and closed at 33632.19 points on Friday.

The Karachi Stock Exchange benchmark 100-index lost 66.30 points or 0.20 percent to reach 33926.70 points and volume of 93,591,580 shares on first day of trading on Monday.

The exchange lost 30 points and dropped from 34000 points mark to 33962.92 points with total volume of 58,809,160 shares till midday.

The high and low were 34143.94 and 33912.96respectively with the total volume traded in the market of 93,591,580.

The KSE 100-index lost 31.24 points or 0.09 percent to reach 33895.46 points and volume of 96,957,610 shares on Tuesday.

The benchmark KSE-100 Index till mid day trade on Tuesday soared to 33949.37 points by 22.67 points or 0.07 percent as compared to the bearish activities witnessed in the market on Monday when the index had shed 66.30 points and closed at 33926.70 points.

However, the bearish activity had witnessed amid thin trade after fall in WTI crude oil prices near to $48/barrel. KSE Index traded in narrow range led by second and third tier stocks in cement.

An expert was of the view that uncertainty in global commodities and consolidation post-earning announcements played a catalyst role in bearish activity at KSE despite strong results in banking and cement sectors and likely ease in SBP monetary policy stance next month.

The Karachi Stock Exchange witnessed high volatility as the KSE-100 Index not only reversed the early gains of 123.71 points or 0.37pc but also lost further 102.25 points or 0.30 percent and reached 33743.05 points in Thursday afternoon trade.

The high and low were 33996.73 and 33743.05 respectively while the volume traded in the market was 62,423,730.

The Karachi Stock Exchange benchmark 100-index lost 130.61points or 0.39percent to reach 33632.19 points and volume of 137,794,800shares on last day of trading, Friday.

Similarly the market remained volatile to close at 33,763 levels down by 82.50 points or 0.24pc on Thursday. In banking sector, NBP remained in the limelight as the bank announced its year- end result, EPS of Rs7.06 and dividend of Rs5.5/share, in line with the expectations.

Dealers said Karachi stocks fell as traders booked profits from last week’s rally, while the lackluster performance witnessed in recent trading sessions also reflects rollover week in future contracts. They added that the investors booked profits in an overbought market, but losses were restricted as there was buying in the banking stocks. Cement stocks witnessed some profit taking as investors expecting lower dispatches for this month.

Meanwhile, future contracts rollover and weaker earnings outlook in oil, banking and cement sector on falling international oil prices, lower banking spreads and thin cement makers margins were witnessed.

An expert was of the view that sentiments remained weak amid consolidation in blue chip stocks and institutional support in blue chip banking stocks after strong results and record cash payout announced by National Bank. However, the high and low were 33829.20 and 33641.18 while the total volume traded in the market was 60,422,220.