Karachi Stocks at a standstill with low trading turnover

The Karachi stock market witnessed a low turnover once again on Thursday with the absence of positive sentiments that drive the activities of share trading, analysts and brokers said.The Karachi Stock Exchange (KSE) 100-share index remained unchanged for the fourth consecutive trading session at 9,184.09 points. The KSE 30 index and KMI 30 index also remained fixed at 9,981.93 points and 10,003.99 points respectively. The turnover dipped 40 percent and traded 0.109 million shares as compared to 0.182 million shares traded in the previous session.

The overall market capitalisation remained unchanged at Rs 2.826 trillion. Out of 13 companies, four closed in the positive zone, one in negative while seven remained unchanged. Analysts said that it is expected that the unjustified freezing would be lifted on December 1 and the market bailout fund of Rs 50 billion would attract foreign investors back to the arena, but it is uncertain whether they would opt for buying or selling. Chances are of selling. Analysts said the current situation of the market during the last couple of weeks has disheartened many investors as most of them have sought better areas of investment like property and money market.Investors are not even sure that the market’s bailout plan of Rs 50 billion would come into affect as up till now institutions do not seem prepared for funding.

National Assets was the volume leader in the share market with 60,500 shares as it closed at 47 paisas after opening at 42 paisas losing five paisas. Bal Glass traded 10,000 shares, closing at Rs 3.90 after opening at Rs 3.90. Gharibwal Cement traded 10,000 shares as it closed at Rs 17.59 after opening at Rs 17, gaining 59 paisas. Mukhtar Textile traded 8,000 shares as it closed at 62 paisas after opening at 53 paisas, adding nine paisas. Habib -ADM Ltd traded 1,500 shares as it closed at Rs 9.70 after opening at Rs 9.70. Dewan Auto traded 1,000 shares as it closed at Rs 1.45 after opening at Rs 1.45. No trading activity was observed in the futures market.

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