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Weekly roundup: Bears reign KSE amid Imran, Qadri sit-ins

Weekly roundup: Bears reign KSE amid Imran, Qadri sit-ins

KARACHI: As the Azadi and Inqilab marches led by Pakistani Tehreek-e-Insaf (PTI) Chairman Imran Khan and Pakistan Awami Tehreek (PAT) chief Dr Tahirul Qadri entered third week, the bears and bulls kept fighting the whole last week at the Karachi Stock Exchange.

The KSE 100-index started last week journey with initial 28,871.75 points and lost 304.01 points in five days to stand at 28,567.74 despite the last day massive gain of 793.31 points.

On Monday, the KSE lost 352.41 points on the first business day to stand at 28,519.34 points as 31.74 percent companies showed decline in their value of shares. The week was started with the same political disturbance created by sit-ins worsening the confusion in the stocks.

Tuesday was again not a good day for KSE 100-Index as it lost 275.75 points to reach 28,243.59 points due to prolonged political uncertainty in the federal capital. The Fauji Cement, Telecard Limited and Engro Corporation were among the only 11.59 percent companies, which have the highest share value on Tuesday as PTI Chairman Imran Khan’s proposal to overseas Pakistanis for sending foreign remittances through illegal means like hundi and hawala.

The KSE 100-Index continued to fall for the third consecutive day on Wednesday as it tumbled 432.24 points to touch 27,811.35 points, recording a minus 1.53 percent change. Dismal current account data, expected fall in remittances and reluctance of foreign investors stimulated the bearish trends in the bourse.

Thursday, however, was comparatively less painful for stock as it lost only 36.94 points to end trading at 27,774.43 points as Khan and Dr Qadri were not ready to budge from their positions.

Last trading day of the stock was unexpectedly marvelous as KSE 100-index bounced back on Friday with 793.31 points gain to close at 28,567.74, on the hope that the prevailing political impasses would end after the army showed its willingness to mediate.

Sentiments at the market were high on last day as the stocks gained more than 1,000 points within 40 minutes of trading. Shares worth Rs 143 million had been traded on that day.

KSE lost 304 points the whole week due to political situation haunting the country’s economy badly. The last day hope, however, could affect the trading of the next week too and if the situation settled the traders will be more confident to participate in the trading.