KSE witnesses dip of 53 points with range-bound trade
Wednesday, 22 July 2009
KARACHI, July 21 : Range-bound activities prevailed at Karachi stock market on Monday as bearish sentiments dominated market proceedings in the wake of profit taking, traders said, according to Daily Times.
They said profit taking was witnessed in blue chips mainly in oil, banking and fertiliser scrips on lack of institutional support in the market. The KSE 100 index opened in green zone with a gain of 16.31 points and at the end of the day closed at 7710.64 with a loss of 53.37 points.
KSE 30 index closed at 8286.92 with a loss of 61.43 points. KMI-30 index closed at 11490.23 with a loss of 89.97 points. All shares index closed at 5499.17 with a loss of 34.02 points.
Analysts in their comments over negative closure of the market said foreign investors remained on sidelines withdrawing $3.29 in last trading session on rupee instability.
The market turnover went down by 20.51% and traded 146.11 million shares as compared to previous session’s 183.81 million shares. The overall market capitalisation was down by 0.61% to close at Rs 2.271 trillion as compared with Rs 2.285 trillion. Out of total 301 companies, 138 closed in the positive zone, 152 in negative while 11 remained unchanged.
Hasnain Asghar Ali, analyst at Aziz Fida Husein and Co said post downpour scenario certainly was terrible as the market participants mostly stayed pre-occupied, as was visible by extremely low trading intensity.
Low priced stocks however kept the day traders active, and the stocks trading below par contributed almost 30% to the total turnover. The main board stocks mostly stayed glued for most part of the session at their previous closings apart from those, which witnessed pressure due to stock and sector swapping. Since apprehended positive developments in the upcoming events insight have been priced in, the local equity markets awaited the triggering factor, that can most likely be offered by introduction of ready board margin financing. Ahsan Mehanti, senior analyst at Shahzad Chamdia Sec said prolonged power outages leading to law and order situation in Karachi while heavy rains in the city led to minimal volumes Other major factors included investors remained concerned over IMF’s delay in releasing $850 million tranche of stand by loan to Pakistan.
Trading activity was minimal as compared to the last trading session as the ready market volume stood at 146.132 million as compared to last trading session 183.829 million. Future market volume however stands nil shares as compared to nil shares last trading session. WorldCall Telecom was the volume leader in the share market with 15.32 million shares as it closed at Rs 3.61 after opening at Rs 3.24 making a financial gain paisas 37.
They said profit taking was witnessed in blue chips mainly in oil, banking and fertiliser scrips on lack of institutional support in the market. The KSE 100 index opened in green zone with a gain of 16.31 points and at the end of the day closed at 7710.64 with a loss of 53.37 points.
KSE 30 index closed at 8286.92 with a loss of 61.43 points. KMI-30 index closed at 11490.23 with a loss of 89.97 points. All shares index closed at 5499.17 with a loss of 34.02 points.
Analysts in their comments over negative closure of the market said foreign investors remained on sidelines withdrawing $3.29 in last trading session on rupee instability.
The market turnover went down by 20.51% and traded 146.11 million shares as compared to previous session’s 183.81 million shares. The overall market capitalisation was down by 0.61% to close at Rs 2.271 trillion as compared with Rs 2.285 trillion. Out of total 301 companies, 138 closed in the positive zone, 152 in negative while 11 remained unchanged.
Hasnain Asghar Ali, analyst at Aziz Fida Husein and Co said post downpour scenario certainly was terrible as the market participants mostly stayed pre-occupied, as was visible by extremely low trading intensity.
Low priced stocks however kept the day traders active, and the stocks trading below par contributed almost 30% to the total turnover. The main board stocks mostly stayed glued for most part of the session at their previous closings apart from those, which witnessed pressure due to stock and sector swapping. Since apprehended positive developments in the upcoming events insight have been priced in, the local equity markets awaited the triggering factor, that can most likely be offered by introduction of ready board margin financing. Ahsan Mehanti, senior analyst at Shahzad Chamdia Sec said prolonged power outages leading to law and order situation in Karachi while heavy rains in the city led to minimal volumes Other major factors included investors remained concerned over IMF’s delay in releasing $850 million tranche of stand by loan to Pakistan.
Trading activity was minimal as compared to the last trading session as the ready market volume stood at 146.132 million as compared to last trading session 183.829 million. Future market volume however stands nil shares as compared to nil shares last trading session. WorldCall Telecom was the volume leader in the share market with 15.32 million shares as it closed at Rs 3.61 after opening at Rs 3.24 making a financial gain paisas 37.