KARACHI: Benchmark KSE-100 index lost 264 points as encouraged by the absence of positive triggers bears entered the bourse today.
Following release of Asian Development Bank Outlook Update 2019 Karachi Stock Exchange-100 ended in the red. According to details Asian Development Bank has cut the economic growth forecast for Pakistan to 2.8% that is the lowest in South Asia. On the contrary the Manila-based lending entity had projected that the inflation in Pakistan would increase 12% – highest in the region.
Sources privy to NPTV have insinuated that augmenting ME tensions and the resulting fluctuation in crude oil prices had also played a vital role in shaking the confidence of investors because of which the bourse lost 0.83% to settle at 31,565 points. By gaining 1.5% K-Electric proved to be the volume leader, followed by Maple Leaf Cement (-2.5%) and Pakistan State Oil (-0.2%). PSO and PPL that announced dividend of 20% each attracted the attention of observers with a cumulative volume of 10.5 million shares.
Stock-wise volume leaders were K-Electric, WorldCall Telecom and PSO with cumulative trading in 34 million shares. Overall, 105 million shares changed hands today as the traded value went up by 7%. Due to decline in international oil prices OGDC lost 1.58%. Mari Petroleum and Pakistan Oilfields experienced flattish trend. Shares of 362 entities were traded today. Value of the 130 stocks closed higher, 212 plummeted and 20 remained stagnant.
During the trading session today foreign institutional investors were net sellers of Rs 405.01 million worth of shares. K-Electric was the volume leader with 14.9 million shares, gaining Rs. 0.05 to close at Rs. 3.31. It was followed by WorldCall Telecom with 12.4 million shares, gaining Rs. 0.15 to close at Rs. 1.08 and Pakistan State Oil with 6.96 million shares, losing Rs. 0.26 to close at Rs. 155.67.
Many who had invested in various funds had lamented that due to bearish trend for long, not only their money had shed half of its value due to its depreciation against dollar, they had not received a single rupee as interest.
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