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Tension with India adds to gloom at KSE

The Karachi stock market remained dormant on the first trading of the week Monday amid concerns among investors over lack of liquidity to fund the market, Pak-India relations and 48-hour alert given by the security agencies in Pakistan, analysts said.The Karachi Stock Exchange (KSE) 100-share index remained unchanged at 9,187.10 points. The KSE 30 index and KMI 30 index also remained at 9,981.93 points and 11,224.18 points respectively.
The market turnover gained 175.67 percent and traded 0.102 million shares as compared to 0.037 million shares traded in the previous session. The overall market capitalisation remained unchanged at Rs 2.820 trillion. Out of 11 companies, two closed in the positive zone, one in negative while eight remained unchanged. Analysts said investors remained concerned over prevailing negative sentiments in the market and expected foreign selling due to law and order situation in the country.They said with Indian blaming Pakistan over the Mumbai incident and heightening tension in the country, the disturbed law and order situation in the city has certainly added to the pressure being built to give a welcome to the bears when the local equity markets resume normal trading.
Keeping in view the negative developments almost on all the fronts, economic, law and order and geo-political, the prospective investors who were weighing options to invest at extreme discounts in the fundamentally strong stocks having a history of consistent pay outs have suddenly opted to stay indoors, thus leaving the desperate sellers searching for buyers. Although the latest events such as Indian reaction to Mumbai event and deteriorating law and order situation in the city have started to ease off, the latest events have however alerted the investors of the risk attached to the investments in the local assets, as the likely impact and reaction of the events as propagated by some have increased sense of insecurity and nervousness amongst the local stake holders and have certainly added to the list of factors to be reviewed before undertaking investment decisions.
National Assets was the volume leader in the share market with 0.83 million shares as it closed at 40 paisas after opening at 45 paisas shedding five paisas. Pak Datacom Ltd traded 0.90 million shares as it closed at Rs 48.97 after opening at Rs 47.70 gaining Rs 1.17. Habib-ADM Ltd traded 0.035 million shares as it closed at Rs 9.74 after opening at Rs 9.37 gaining 40 paisas. Millat Tractors traded 0.27 million shares as it closed at Rs 163.92 after opening at Rs 163.92 with no change in its value. Redco Tex traded 0.20 million shares as it closed at Re 1 after opening at Re 1. Like previous sessions, futures market continued to remain static as no activity was witnessed during the session.
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