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Karachi stocks shed early gains as 100-share index decreases by 10 points

KARACHI: The Karachi stock market closed on a negative note on the last trading day of the week Friday as investors opted to book profits.

The Karachi Stock Exchange (KSE) 100-share index closed down by 9.82 points or 0.11 percent to close at 9,156.18 points as compared to the previous session’s 9,169.00 points. The KSE 30-share index closed at 9,662.87 points with a fall of 20.48 points. The KMI 30 index closed at 13,245.82 points with a decline of 3.64 points.

Analysts said that the market opened on a positive note making an initial gain of 42 points, but ended the day on a negative note, as investors remained concerned over economic and security conditions in the country

The market turnover went down by 20.80 percent and traded 179.13 million shares as compared with the previous session’s 226.20 million shares. The overall market capitalisation went down by 0.07 percent and traded Rs 2.655 trillion as against previous session’s Rs 2.657 trillion. Out of a total of 382 companies, 192 closed in the positive zone, 166 in negative and 24 remained unchanged.

“The market witnessed lacklustre performance with a dilly-dally trend during the whole day,” said analyst at Topline Sec Furqan Punjnani. “The current law and order situation restricted market participant to stay liquid, which depressed volumes.”

“Limited foreign interest, global equity markets uncertainties coupled with high leverage cost and limited availability of leverage financing remained major concerns for investors throughout the session despite strong result announcements in insurance, bank and cement sector companies,” said senior analyst at Shahzad Chamdia Sec Ahsan Mehanti.

The KSE 100-share index opened in the green zone with a gain of 42.74 points and at the end of the day closed at 9,159.18 points with a loss of 9.82 points.

TRG Pakistan was the volume leader in the share market with 25.15 million shares as it closed at Rs 2.62 after opening at Rs 2.45, gaining 17 paisas. Pak PTA Ltd traded 13.93 million shares as it closed at Rs 7.10 from its opening at Rs 7.11, losing one piasa. Adamjee Insurance traded 10.20 million shares as it closed at Rs 125.35 as against its opening at Rs 126.07, shedding 72 paisas. Jah Siddi and Co traded 9.72 million shares as it closed at Rs 35.10 as compared to its opening at Rs 35.97, losing 87 paisas. staff report

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