Uncertainty keeps KSE-100 index away from 10,000

The Karachi Stock Exchange (KSE), which gained 146.93 points last week, lost 149.07 points this week and closed at 9,774.07 points; failing to achieve 10,000 psychological level despite touching it twice this week amid uncertainty over the implications of the detailed verdict on NRO.
The average turnover remained 207.882 million shares as compared to 157.020 million shares of the previous week; up 50.862 million shares.
On the other hand, the KSE 30-index also lost 188 points and closed at 10285.97 as compared to 202.27 points gain in previous week.
Bears overwhelmed the market for three days while bulls dominated the equity for two days only. The bourse started business on Monday with negative note when KSE 100-index shed around 28 points. On Wednesday and Thursday, market also lost heavily as KSE shed 50, 151 points respectively. Local investors opted for panic selling on Thursday on renewed concerns over judiciary action after NRO detailed judgement. Though, bourse lost almost 50 points on Wednesday on the back of profit-taking phenomenon but intraday KSE crossed five-digit barrier and touched 10,012.14 points.
The news that played a catalyst role in positive activity at KSE included rebound in int'l oil prices near to $78, rise in local DAP prices, limited foreign interest in fertilizer, oil and banking scrips and strong retail interest in second, third tier scrips.
The news that affected the trading activities at KSE were detailed NRO judgement, frail uncertainties regarding capital gains tax, refineries may reject proposed oil pricing formula devised by a committee on oil pricing, BankIslami proposes merger with Emirates Global and last but not the least coming April may see 6pc swell in power tariffs. Moreover, FBR said the revenue target of Rs1380b set for the current fiscal year (FY10) will be achieved; and mutual funds dip 4.4pc MoM also have an impact on the market.

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