KSE remains lethargic as dull trading persists

The Karachi stock market continued to remain in the lethargic zone amid continuation of depressed activities as investors remained concerned over the fate of the market’s bailout funds after IMF and Adviser to PM on Finance Shaukat Tareen hinted that the government’s funds would not be used to bailout the market, 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 6.81 percent and traded 0.47 million shares as compared to 0.44 million shares traded in the previous session.

The overall market capitalisation declined 0.21 to Rs 2.820 trillion as compared to Rs 2.826 trillion traded in the previous session. Out of seven companies, three closed in the negative while four remained unchanged. Like previous sessions, futures market continued to remain static as no activity was witnessed during the session. Analysts said investors remained uncertain over the unfreezing of floor as participants of bailout funds namely NBP, NIT, State Life and EOBI failed to submit their pledges over their perspective investments in the market.

Trading activity was better as compared to the last trading session as the ready market volume stands at 0.047 million shares as compared to last trading sessions 0.044 million shares.Flying Cement was the volume leader in the share market with 0.22 million shares as it closed at Rs 4.32 after opening at Rs 4.32 with no change in its value. Stand Chart Mod traded 0.10 million shares as it closed at Rs 8.61 after opening at Rs 8.70 losing nine paisas. Habib-ADM traded 0.80 million shares as it closed at Rs 9.39 after opening at Rs 9.90 shedding 51 paisas. TRG Pakistan traded 0.35 million shares as it closed at Rs 3.82 after opening at Rs 3.82 with no change in its value. UDL Mod traded 0.20 million shares as it closed at Rs 3.06 after opening at Rs 3.06.

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