KSE 100-share index closes down
Wednesday, 3 June 2009
KARACHI, June 2: The Karachi stock market faced intense selling pressure during the trading session Monday as investors offloaded their holdings due to prospects of taxation on the bourse as indicated the Adviser to the Prime Minister on Finance Shaukat Tareen at a seminar Sunday, according to Daily Times.
The Karachi Stock Exchange (KSE) 100-share index shed 66.27 points or 0.91 per cent to close at 7,210.34 points as compared to 7,276.61 points of the previous session. The KSE 30-share index lost 86.52 points and closed at 7,776.33 points as compared with 7,862.85 points. The KMI 30 index decreased by 117.41 points to 10,491.93 points as against 10,609.34 points.
Analysts said that range-bound activities prevailed in the market as the 100-share index, despite opening on a positive note, failed to maintain its buoyancy closing negatively at the end of the session. The day was marked by yet another low turnover of 112 million shares manifesting a loss of confidence among investors.
The market turnover went down by 40.18 per cent and traded 112.95 million shares as compared to previous session's 188.83 million shares. The overall market capitalisation also fell 0.88 per cent and closed at Rs 2.137 trillion from Rs 2.156 trillion. Out of total 307 companies, 90 closed in positive zone, 205 in negative, while 12 remained unchanged. Investors are also reported to have been adopting a cautious approach in order to avoid losses.
Low turnover due to absence of ready board leverage tool and deliberate delay in arranging for the same by the authorities did not allowed the positive sentiment to prevail and the unseen syndicate stayed active in OGDC.
Since the stock shares heavy weight in the index the gains in the stock allowed the 100-share index to stay positive initially and price erosion led by mid-day lull forced red numbers to dominate the post mid-day session.
Although various other stocks trading below fair value did invite accumulation, oil and gas exploration, being direct beneficiaries of declining rupee and rising oil prices in the international oil prices, stayed the top-pick. The KSE 100 index opened in the green zone with a gain of 12.53 points and at the end of the day closed at 7,210.34 points with a loss of 66.27 points.
Jah Siddi and Co was the volume leader in the share market with 15.82 million shares as it closed at Rs 27.88 after opening at Rs 29.34 shedding Rs 1.46. OGDC traded 12.29 million shares as it closed at Rs 78.34 from its opening at Rs 78.15 gaining 19 paisas.
Meanwhile: The Islamabad stock market closed lower Monday as the ISE 10-share index dropped by 11.97 points to close at 1,683.03 points from its previous level of 1,695 points. Of the total 134 participant companies, 33 climbed upward and 101 turned negative.
The Karachi Stock Exchange (KSE) 100-share index shed 66.27 points or 0.91 per cent to close at 7,210.34 points as compared to 7,276.61 points of the previous session. The KSE 30-share index lost 86.52 points and closed at 7,776.33 points as compared with 7,862.85 points. The KMI 30 index decreased by 117.41 points to 10,491.93 points as against 10,609.34 points.
Analysts said that range-bound activities prevailed in the market as the 100-share index, despite opening on a positive note, failed to maintain its buoyancy closing negatively at the end of the session. The day was marked by yet another low turnover of 112 million shares manifesting a loss of confidence among investors.
The market turnover went down by 40.18 per cent and traded 112.95 million shares as compared to previous session's 188.83 million shares. The overall market capitalisation also fell 0.88 per cent and closed at Rs 2.137 trillion from Rs 2.156 trillion. Out of total 307 companies, 90 closed in positive zone, 205 in negative, while 12 remained unchanged. Investors are also reported to have been adopting a cautious approach in order to avoid losses.
Low turnover due to absence of ready board leverage tool and deliberate delay in arranging for the same by the authorities did not allowed the positive sentiment to prevail and the unseen syndicate stayed active in OGDC.
Since the stock shares heavy weight in the index the gains in the stock allowed the 100-share index to stay positive initially and price erosion led by mid-day lull forced red numbers to dominate the post mid-day session.
Although various other stocks trading below fair value did invite accumulation, oil and gas exploration, being direct beneficiaries of declining rupee and rising oil prices in the international oil prices, stayed the top-pick. The KSE 100 index opened in the green zone with a gain of 12.53 points and at the end of the day closed at 7,210.34 points with a loss of 66.27 points.
Jah Siddi and Co was the volume leader in the share market with 15.82 million shares as it closed at Rs 27.88 after opening at Rs 29.34 shedding Rs 1.46. OGDC traded 12.29 million shares as it closed at Rs 78.34 from its opening at Rs 78.15 gaining 19 paisas.
Meanwhile: The Islamabad stock market closed lower Monday as the ISE 10-share index dropped by 11.97 points to close at 1,683.03 points from its previous level of 1,695 points. Of the total 134 participant companies, 33 climbed upward and 101 turned negative.