KSE 100 index falls psychological level of 12,500 points

The bear-run entered third day on Thursday, with the KSE 100-share index falling under the psychological level of 12,500 points, owing to profit-booking by the investors in the scrips of the blue chip companies across the board.

Limited foreign interest, concerns over rising fiscal deficit affected the investor sentiment despite value buying of selected scrips on expectation of strong earnings announcements

The Karachi Stock Exchange's benchmark 100-share index closed at 12,411.81 points after losing 165.74 points. The index had ended at 12,577.61 on Wednesday.

According to daily market statistics, volumes shrunk to 183.61 million shares from 188 million shares traded previously. KSE market capitalization amounted to Rs3, 358.14 billion or $39.18 billion. Total ready market value was recorded at Rs7.57 billion or $88.34 million.

The market data showed that KSE 30-index closed at 12,115.84 with massive decline of 210 points or 1.70 per cent. KSE future volume came at 11.67 million while future value was at Rs1, 477.78 million, showing a spread of 5.21 per cent.

According to market expert, low volume price erosion forced substantial decline in stock values. Corporate support in specific stocks besides restricting the losses in the benchmark to 1.7 per cent, technical recovery provided volumetric trading opportunities, mainly the stocks those witnessed maximum decline during intraday trade.

Expert said that gloomy economic, financial and political horizon and absence of update on leverage yet again kept the investors in search of bottom, which stayed away from the sight in case the process of leverage introduction faces delay.

This sentiment kept the sellers cued-up at market rates, fearing roll-over pressure and post result sell-off next week in case main board stocks fail to match over optimistic payout expectation of the investors , and then likely increase in interest rate in policy review in last week of running month have left no cue for positive activity, other then technical pull back, wherein the market men will target off-loading in various comparatively illiquid speculative stocks, unable to invite buyers during bear-run.

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