KSE index undergoes correction
Wednesday, 14 April 2010
KARACHI, Apr 13 (Business Recorder): The Karachi share market Monday witnessed correction of 29.27 points and closed at 10,557.19 points level, mainly due to profit taking opted by market players. The market opened on a positive note and the index hit 10,636.79 points high, up 50.33 points.
However, the investors opted for profit taking and the index dropped into negative at 10,533.24 points intra-day low. Trading shrank and the volume at ready counter declined to 211.886 million shares as compared to 247.673 million traded Friday.
Market capitalisation declined by Rs 6 billion to Rs 2.987 trillion. Of 409 active scrips, 221 closed in negative and 167 in positive, while the value of 21 scrips remained unchanged. TRG Pakistan was volume leader with 34.093 million shares and gained Re 0.41 to close at Rs 5.06.
An early entry into red zone not only restricted the locals from taking fresh positions in the main board and expensive stocks, but the sellers were also pushed on back foot through sentiment building exercise. Some cued up around closing levels in expensive stocks.
Textile sector stocks, however, performed well, most probably on the likelihood that the US would support Pakistan in winning access to US and European markets. Group support in the stocks was, however, quite prominent.
However, the investors opted for profit taking and the index dropped into negative at 10,533.24 points intra-day low. Trading shrank and the volume at ready counter declined to 211.886 million shares as compared to 247.673 million traded Friday.
Market capitalisation declined by Rs 6 billion to Rs 2.987 trillion. Of 409 active scrips, 221 closed in negative and 167 in positive, while the value of 21 scrips remained unchanged. TRG Pakistan was volume leader with 34.093 million shares and gained Re 0.41 to close at Rs 5.06.
An early entry into red zone not only restricted the locals from taking fresh positions in the main board and expensive stocks, but the sellers were also pushed on back foot through sentiment building exercise. Some cued up around closing levels in expensive stocks.
Textile sector stocks, however, performed well, most probably on the likelihood that the US would support Pakistan in winning access to US and European markets. Group support in the stocks was, however, quite prominent.