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KSE gains 67 pts on govt’s refusal to table NRO in parliament

KARACHI: Bulls returned to the Karachi stock market on Tuesday as the government’s decision of not presenting the National Reconciliation Ordinance in the parliament and attractive share prices boosted investor confidence.

The Karachi Stock Exchange (KSE) 100-share share index increased by 66.59 points or 0.75 percent to close at 8,938.99 points as compared to the previous session’s 8,872.40 points. The KSE 30-share share index closed at 9,415.57 points with a gain of 99.62 points. The KMI 30 index closed at 12,907.74 points with a rise of 127.78 points.

Analysts said that the market managed to break shackles of spate of negative activities, which dominated the proceedings during the last few days, however trading volumes continued to remain dismal falling further to the level of 130 million shares. The market turnover went down by 14.11 percent and traded 130.58 million shares as compared to previous session’s 152.04 million shares. The overall market capitalisation went up by 0.66 percent trading Rs 2.591 trillion as against previous session’s Rs 2.574 trillion. Out of a total of 389 companies, 172 closed in the positive zone, 195 in negative and 22 remained unchanged.

“After yesterday’s massive selling the market witnessed a shaky session with volumes on the lower side, mainly on the back of political uncertainty regarding the NRO issue,” said research analyst at Topline Securities Furqan Punjani. “This induced retail and high net-worth clients to offload their holdings while institutions took some interest at the lower levels in OMC’s, E&P’s and fertilizer sectors.”

Volumes were at 3-week low, which reflected investor’s lack of interest in the market.

“Technical recovery under the lead of main board index heavy weights did allow the market to register triple digit gains,” said analyst at Aziz Fida Husein and Co Husnein Asghar Ali. “Strategy of ‘sell on strength’ however invited renewed pressure.” Adding to the panic was absence of buyers at intervals forcing an intra-day adjustment as almost all the stocks, except for the index heavy weights, saw red numbers re-emerging, he added.

The KSE 100-share index opened in the red zone with a loss of 14.70 points and at the end of the day closed at 8,938.99 points with a gain of 66.59 points.

JSCL was the volume leader in the share market with 18.06 million shares as it closed at Rs 31.69 after opening at Rs 33.35, losing Rs 1.76. Arif Habib Sec traded 17.54 million shares as it closed at Rs 46.88 from its opening at Rs 49.04, shedding Rs 2.16. Pak PTA Ltd traded 5.77 million shares as it closed at Rs 6.75 as compared to its opening at Rs 6.63, gaining 12 paisas. staff report

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