KSE 100-share index sheds 67 points
Wednesday, 9 September 2009
KARACHI, Sept 8: Negative sentiments dominated the trading session at the Karachi stock market on the first trading day of the week Monday as investors offloaded shares of blue chips of oil exploration, cement and bank sectors, according to Daily Times.
Other reasons included falling international oil prices, global equity market correction and penalty on cement cartels by Competition Commission of Pakistan and higher non-performing loans in the bank sector.
The Karachi Stock Exchange (KSE) 100-share index decreased by 66.82 points or 0.74 per cent to close at 8,935.86 points as compared to previous session's 9,002.86. The KSE 30-share index closed at 9,562.91 with a loss of 88.24 points. The KMI 30 index closed at 13,039.80 points with a loss 44.53 points.
Analysts said that range-bound activities dominated the market, which despite opening on a positive note failed to sustain its charged momentum. One of the major reasons of the decline in market performance was massive sell-off in OGDC during the closing hours pushing the index into deep red.
The market turnover went down by 1.44 per cent and traded 192.04 million shares as compared with previous session's 194.85 million shares. The overall market capitalisation was down by 0.72 per cent to close at Rs 2.603 trillion as against Rs 2.622 trillion. Out of total 378 companies, 155 closed in the positive zone, 211 in negative and nine remained unchanged.
Movement of OGDC stayed the focal point for the players, as they stayed hesitant to invest in stocks trading at comparatively low multiples, mainly due to the phobia that in case OGDC and other main board stocks invite off-loading or profit taking, shallowness may initiate a reversal trend, he said.
Low priced stocks kept the turnover ticking that continued to shrink with every passing session, he said and added that active participation by players from foreign land and an anticipation of the continuity did keep the interest in index heavy weights alive, since the stocks responsible for extensive gains have entered the category of expensive stocks trading range stayed limited.
Other major factors included Asian Development Bank's warning for partial loan cancellation due to slow progress in power transmission projects in Pakistan.
The KSE 100-share index opened in the green zone with a gain of 59.27 points and at the end of the day closed at 8,935.86 points with a loss of 66.82 points.
LAHORE: The Lahore Stock Exchange (LSE) remained bearish on Monday. The LSE 25-share index lost 43.33 points to close at 2,835.20 points as against its opening at 2,878.53 points.
The volume of the market remained at 17.91 million shares, which was 0.28 million shares more than Friday's turnover of 17.63 million shares. PPL was the major gainer and added Rs 3.78 to close at Rs 217.20 from its opening at Rs 213.42. Nishat Mills added Rs 2.43 to close at Rs 50.97 after opening at Rs 48.54.
Other reasons included falling international oil prices, global equity market correction and penalty on cement cartels by Competition Commission of Pakistan and higher non-performing loans in the bank sector.
The Karachi Stock Exchange (KSE) 100-share index decreased by 66.82 points or 0.74 per cent to close at 8,935.86 points as compared to previous session's 9,002.86. The KSE 30-share index closed at 9,562.91 with a loss of 88.24 points. The KMI 30 index closed at 13,039.80 points with a loss 44.53 points.
Analysts said that range-bound activities dominated the market, which despite opening on a positive note failed to sustain its charged momentum. One of the major reasons of the decline in market performance was massive sell-off in OGDC during the closing hours pushing the index into deep red.
The market turnover went down by 1.44 per cent and traded 192.04 million shares as compared with previous session's 194.85 million shares. The overall market capitalisation was down by 0.72 per cent to close at Rs 2.603 trillion as against Rs 2.622 trillion. Out of total 378 companies, 155 closed in the positive zone, 211 in negative and nine remained unchanged.
Movement of OGDC stayed the focal point for the players, as they stayed hesitant to invest in stocks trading at comparatively low multiples, mainly due to the phobia that in case OGDC and other main board stocks invite off-loading or profit taking, shallowness may initiate a reversal trend, he said.
Low priced stocks kept the turnover ticking that continued to shrink with every passing session, he said and added that active participation by players from foreign land and an anticipation of the continuity did keep the interest in index heavy weights alive, since the stocks responsible for extensive gains have entered the category of expensive stocks trading range stayed limited.
Other major factors included Asian Development Bank's warning for partial loan cancellation due to slow progress in power transmission projects in Pakistan.
The KSE 100-share index opened in the green zone with a gain of 59.27 points and at the end of the day closed at 8,935.86 points with a loss of 66.82 points.
LAHORE: The Lahore Stock Exchange (LSE) remained bearish on Monday. The LSE 25-share index lost 43.33 points to close at 2,835.20 points as against its opening at 2,878.53 points.
The volume of the market remained at 17.91 million shares, which was 0.28 million shares more than Friday's turnover of 17.63 million shares. PPL was the major gainer and added Rs 3.78 to close at Rs 217.20 from its opening at Rs 213.42. Nishat Mills added Rs 2.43 to close at Rs 50.97 after opening at Rs 48.54.