Share this story!            

KSE 100-share index sheds 3.15 points on security concerns

KARACHI: The Karachi stock market closed in the red zone on the last trading day of the week Friday as it witnessed mixed activity on prevailing security concerns.

The Karachi Stock Exchange (KSE) 100-share index lost 3.15 points or 0.03 percent to close at 9,150.85 points as compared to the previous session’s 9,154.00 points. The KSE 30-share index closed at 9,669.62 points with a decline of 7.42 points. The KMI 30 index closed at 13,235.30 points with a loss of 90.53 points. Analysts said that fall in global equity markets and continuation of foreign disinterest played a catalyst role in the negative activity despite strong result announcement by MBC Bank and rising international oil prices, which positively affected the oil sector in Pakistan.

The market turnover went up by 3.09 percent and traded 195.04 million shares as compared with previous session’s 189.18 million shares. The overall market capitalisation remained unchanged at Rs 2.653 trillion. Out of total 374 companies, 194 closed in the positive zone, 151 in negative and 29 remained unchanged.

“Confidence expressed by Asian Development Bank on Pakistan’s economic stability and improvement in current account deficit reported for September did offer a mild trigger to the local equities allowing the accumulators from previous sessions to continue capitalising big discounts mainly in the main board stocks available at low multiples and offering decent yields,” said analysts at Aziz Fida Husein and Co Husnein Asghar Ali. “Main interest was certainly witnessed in oil and gas exploration and marketing stocks as the sector is likely to stay the beneficiary of high international oil prices.”

“Terrorist activities in Peshawar/Attock and less than expected result announcement by PSO caused the market to plunge,” said senior analyst at Shahzad Chamdia Sec Ahsan Mehanti.

The KSE 100-share index opened in the red zone with a loss of 4.02 points and at the end of the day closed at 9,150.85 points with a loss of 3.15 points.

Telecard was the volume leader in the share market with 24.64 million shares as it closed at Rs 2.57 after opening at Rs 2.55, making a financial gain of two paisas. Jah Sidd and Co traded 19.80 million shares as it closed at Rs 35.31 from its opening at Rs 35.29 gaining two paisas. Bank Alfalah traded 17.85 million shares as it closed at Rs 14.11 as against its opening at Rs 13.66 making financial gain of 45 paisas. Arif Habib Sec traded 13.03 million shares as it closed at Rs 49.04 as compared with its opening at Rs 49.48, shedding 44 paisas. staff report

Home | Business

Share this story!