KSE 100-share index down 137.79 points
Friday, 31 July 2009
KARACHI, July 30 : The Karachi stock market remained under the bearish spell Wednesday on account of unabated selling pressure as expectations loomed over significant rise in T-bills' yields in State Bank of Pakistan's auction, according to Daily Times.
The Karachi Stock Exchange (KSE) 100-share index lost 137.79 points or 1.80 per cent to close at 7,536.98 points as compared to 7,674.77 points of the previous session. The KSE 30-share index closed at 7,994.78 with a decrease of 209.44 points. KMI 30 index closed at 11,391.76 points with a loss of 193.46 points.
Analysts said that the dismal market turnover continued without any break reflecting lack of confidence among investors to come forward and take active part in the market proceedings.
The market turnover went down by 11.83 per cent and traded 110.26 million shares as compared to previous session's 125.06 million shares. The overall market capitalisation fell 1.76 per cent to close at Rs 2.225 trillion as compared with Rs 2.265 trillion. Out of total 414 companies, 116 closed in the positive zone, 279 in negative, while 19 remained unchanged.
"Rupee instability, foreign selling and uncertainty over discount rate cut in the monetary policy announcement on August 15 triggered investors to offload their holdings and give the market a bearish outlook," said senior analyst at Shahzad Chamdia Sec Ahsan Mehanti.
The KSE 100-share index opened in the green zone with a gain of 9.74 points and at the end of the day closed at 7,536.98 with a loss of 137.79 points.
Small investors are cautious in their approach to take positions, as the market seems uncertain for them. They fear that if they invest heavily, the market might take a downturn and their investment could get stuck up, analysts said and added that however, foreign investors are eyeing blue chips that appear good for better returns for the long-term.
The Karachi Stock Exchange (KSE) 100-share index lost 137.79 points or 1.80 per cent to close at 7,536.98 points as compared to 7,674.77 points of the previous session. The KSE 30-share index closed at 7,994.78 with a decrease of 209.44 points. KMI 30 index closed at 11,391.76 points with a loss of 193.46 points.
Analysts said that the dismal market turnover continued without any break reflecting lack of confidence among investors to come forward and take active part in the market proceedings.
The market turnover went down by 11.83 per cent and traded 110.26 million shares as compared to previous session's 125.06 million shares. The overall market capitalisation fell 1.76 per cent to close at Rs 2.225 trillion as compared with Rs 2.265 trillion. Out of total 414 companies, 116 closed in the positive zone, 279 in negative, while 19 remained unchanged.
"Rupee instability, foreign selling and uncertainty over discount rate cut in the monetary policy announcement on August 15 triggered investors to offload their holdings and give the market a bearish outlook," said senior analyst at Shahzad Chamdia Sec Ahsan Mehanti.
The KSE 100-share index opened in the green zone with a gain of 9.74 points and at the end of the day closed at 7,536.98 with a loss of 137.79 points.
Small investors are cautious in their approach to take positions, as the market seems uncertain for them. They fear that if they invest heavily, the market might take a downturn and their investment could get stuck up, analysts said and added that however, foreign investors are eyeing blue chips that appear good for better returns for the long-term.