KARACHI: Though the political noise made bulls bolt the bears returned to bleed the bourse red here today.
As soon as the Chief Justice Supreme Court of Pakistan took notice of COAS extension and annulled the notification of the extension of Chief of Army Staff General Qamar Javed Bajwa, Karachi Stock Exchange-100 Index plummeted letting the bears deprive the bourse of hundreds of points.
Finally the market closed in the red as the resulting confusion unnerved the investors. Benchmark Karachi Stock Exchange 100-share Index recorded a decrease of 417.23 points, or 1.09 percent to settle at 37,795.05 points.
Major losers were DG Khan Cement (-3.5%), Lucky Cement (-2.6%), Pioneer Cement (-2.8%) and Fauji Cement (-2.5%). Banking, exploration and production stocks also lost ground amid market pressure: National Bank of Pakistan (-3.5%), Muslim Commercial Bank (-2.5%), The Bank of Punjab (-1.2%), Oil and Gas Development Company (-3.2%) and Pakistan Petroleum Ltd. (-1.4%).
Out of the 488.7 million shares from 378 entities (worth Rs. 18.4 billion) that had traded today, 133 stocks closed higher, 234 stocks plummeted and 11 remained unchanged. Volume leader was the Unity Foods with 58.1 million shares.
A relevant piece published earlier:
PSX: Bulls seen raging in the bourse as week commences
KARACHI: Reduction of political noise has emboldened bulls that reigned the bourse on Monday.
Karachi Stock Exchange-100 index augmented 286 points (0.76 per cent) and closed in the green at 38,212. Investors also ignored the APC called by JUI-F in the opposition’s anti-government campaign scheduled to be held today.
According to details cement stocks took fresh positions and were the lead buyers of $2.10 million. Pak Elektron, Unity Foods, TRG Pakistan, Fauji Foods and Pakistan Stock Exchange forming 3 percent total turnover.
Buying was noticed in banks, exploration and production, oil and gas marketing companies, cement and refineries. seen in autos where most stocks closed higher. Food sector also performed well.
News Pakistan
