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Weekly review: KSE falls below 30,000 mark, loses 257 points

Weekly review: KSE falls below 30,000 mark, loses 257 points

 

KARACHI: The Karachi Stock Exchange (KSE) 100-index opened on a positive sentiments on the first day of trading but lost 257.07 points in the week-long trading, as it opened at 30149.95 points on Monday and closed at 29892.88 points on Friday.

On Monday, the KSE gained 235.78 points to reach 30394.41 points and volume of 123,546,050 shares.

Earlier on Monday, KSE started the trading week on a positive note and gained 94.50 points to stand at 30253.13 at 10:30am. In midday trading, continuing its upward motion of the morning trading, KSE gained 217, 76 points to stand at 30376.39 points and volume of 60,004,590.

Financial experts views on Monday were that the positive report of World Bank, in which it acknowledged Pakistan’s economic growth in current fiscal year, has also encouraged investors to trade in markets.

“The stock markets were not only affected by political factors, but also from many other issues and matters ,” they said, adding that the volume of the market will improve further in coming days if the situation on all fronts did not got any unexpected change.

The KSE could not sustain Monday’s gains and ended in black on Tuesday. The market, with a positive start and 100 plus gains in morning, ended with 39.19 points loss to reach 30355.22 points and volume of 118,614,590 shares.

Wednesday brought more tragedy to the KSE, and it dropped another 234.23 points to reach 30120.99 points and volume of 103,405,260 shares.

The highest increase witnessed in price of the Nestle Pak. with price per share 8000.00 (200.00), Bata (Pak) with price per share of 3530.00 (99.13) and Exide (PAK) share of 1105.52 (52.64), while the Mari Petroleum with price per share of 527.72 (-25.41), Island Textile SPOT with price per share of 950.00 (-25.10) and Gillette Pak per share of 400.00 (-18.00) remained the biggest losers of the day.

The KSE lost 138.54 points to reach 29982.45 points and volume of 80,322,100 shares on Thursday.

Earlier, benchmark KSE 100-index took a good start in a bid to recoup losses of the last two days and gained 66.73 points or 0.22 per cent to reach 30187.72 till 10:00am. In midday trading, market shed 50.02 points to reach 30070.97 with the volume of 3,462,250,361 shares.

The highest increase witnessed in price of the Bata (Pak) with price per share 3706.50 (176.50), Exide (PAK) with price per share of 1160.79 (55.27) and Siemens Pakistan share of 1125.96 (53.61), while the Colgate Palmolive with price per share of 1451.00 (-39.00), Philip Morris Pak. with price per share of 825.73 (-23.77) and Atlas Battery per share of 695.31 (-17.74) remained the biggest losers of the day.

As a whole 30.86 per cent of companies witnessed increase in their shares while 30.03 per cent lost their share value and 3.30 per cent companies remained stable.

High and Low were 30195.69 and 29943.67 respectively. Total volume traded in the market was 80,322,100 shares with 321 total traded companies out of which 187 were up, 182 were down and 20 were unchanged.

The last day of trading ended hopes for any recovery as KSE lost 89.57 points to reach 29892.88 points and volume of 84,658,790 shares on Friday. Overall, KSE 100-Index has lost 500 points in last 4 days.

High and Low were 30162.64 and 29839.36 respectively. Total volume traded in the market was 84,658,790 shares.

Financial experts were of the view that rising trade deficit, limited foreign interest and major fall in global commodities played a catalyst role in bearish activity at KSE despite record overseas remittances.

“Traders were confused over the growing tension on Line of Control (LoC) between Pakistan and India and political disturbance resulting from public meetings organized by Pakistan Tehreek-e-Insaf Chairman Imran Khan and Pakistan Awami Tehreek chief Tahirul Qadri in different cities,” they added.