KARACHI - Nervousness among the investors over certain political and economic issues once again pushed the local bourse towards red-zone as KSE-100-index lost another 239 points on Thursday.Dusty opening kept the prospective buyers on the back foot, despite foreign inflows reported for Wednesday, the local participants stayed cautious and the equities continued to lose value.Corporate participants did come in for accumulation, however, knowing the factual situation that low turnover mainly due to absence of leverage product in ready board may lead to further price erosion, liquidity was withheld for bottom fishing (bottom yet to be identified).The KSE-100 Index closed at 7,335.72 points, confirming a loss of 238.45 points after touching day’s high level of 7,630.66 points and low level of 7,314.59 points on Thursday. Trading activity at the KSE was disturbing as the market volume squeezed to 181.167 million shares on Thursday as compared to 226.886m shares of last session.“The bearish blast turned out to be damaging for the investors as stock prices slide down in fast and furious manner. Despite quarterly results announced today were largely impressive, especially OGDC, FFC and MCB along with greater payouts. But the height of bearish tide washed away the stocks with better results”, stated Shahid Ali, CEO HMFS adding, FFC was the only stock left aside in the green zone. Over the last three days, the benchmark index remained under selling pressure as market lost 585 points and moved towards 7,000 points benchmark. Total trading value of the market remained 9.280b rupees as compared to last session’s 10.587b rupees.
Out of 352 active stocks at the KSE, only 60 companies managed to gain value, 282 declined while the worth of the shares of only 10 symbols remained unchanged. Market Capitalization decreased to Rs2.193 trillion on Thursday, showing loss of nearly Rs71b from last session’s Rs2.264 trillion.Fauji Fertilizer was witnessed as the volume leader of the day with the trading of 13.452m shares on Thursday. Other prominent shares at the KSE include Lucky Cement 12.960m shares, OGDC 12.198m shares, NIB Bank 11.185m shares, DGKC 8.344m shares, Bank Al-Falah 7.036m shares, Jahangir Siddiqui 6.997m shares, NBP 5.859m shares, Pak Oilfields 5.708m shares, United Bank 4.927m shares, Pak Petroleum 4.614m shares namely.Top gainers at the Karachi stock market include Service Industries and it gained Rs7.66/share, closing at Rs160.89, Exide Pakistan added Rs6/share and closed at Rs136 with the trading of only 200 shares, Shahtaj Sugar gained Rs3.44/share and its value was improved to Rs75.20, IGI Insurance added Rs2.83/share and closed at Rs101.83, Pakistan Tobacco added Rs2.29/share and closed at Rs74.29, Zulfeqar Industries closed at Rs76.25, gaining Rs2.11/share, Fauji Fertilizer gained Rs1.50/share and closed at Rs99.91.On the other hand, Wyeth Pakistan lost Rs54.25/share and closed at Rs1325.75 with the trading of only 60 shares on Thursday, Unilever Pakistan lost Rs31.99/share and its value was decreased to Rs1948.01, Attock Petroleum also lost Rs12.97/share and closed at Rs291.45, Shell Pakistan lost Rs11.82/share, closing at Rs228.21, PSO Pakistan closed at Rs200.40, losing Rs10.54/share, Siemens Pakistan lost Rs10/share and closed at Rs750, MCB Bank lost Rs9.32/share and closed at Rs177.27.Growing concerns regarding certain political issues and anticipation of a sour budget have together allowed nervousness to resurface. Low turnover at peak is certainly pushing the levels at the lower side.
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