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KSE manage to close in green

The Karachi stock market managed to close in the green zone on Thursday, but the low activity persisted on account of discount rate hike of 200bps by State Bank to counter inflation and higher government borrowings, analysts said.The Karachi Stock Exchange (KSE) 100-share index gained a modest 0.95 points to close at 9,184.09 points as compared with 9,183.14 points of the previous session. The KSE 30 index shed 22.06 points to close at 9,981.93 points as compared to 10,003.99 points of the previous session. The KMI 30 index also remained unchanged at 11,224.18 points. The market turnover fell 9.58 percent and traded 0.66 million shares as compared to 0.73 million shares traded in the previous session.
The overall market capitalization declined 0.07 percent and traded Rs 2.827 trillion as against Rs 2.829 trillion of the previous session. Out of 18 companies, two closed in positive zone, five in negative while 11 remained unchanged. Like previous sessions, futures market continued to remain static as no activity was witnessed during the session. Analyst at Aziz Fida Hussein and Company Husnein Asghar Ali said unconfirmed news of a meeting between SECP and BoD of KSE gripped the local bourses throughout the session, the intention of the likely proposal being deliberated is to reduce selling pressure, yet unfreeze the local bourses to avoid unmanageable circumstances. The recent surge in interest rates would on the contrary increase selling pressure as the local investors are likely to join the band wagon as besides reduction in corporate profitability, the increase has raised the desired rate of return thus forcing the valuations to undergo a downward adjustment and adding to the misery is the unabated decline in the international equity markets.
Analyst at Shahzad Chamdia Securities Ahsan Mehanti said high discount rate policy would negatively affect the economic growth and the initiative to bailout the market with Rs 50 billion is still pending and hurting investors’ confidence, while Pakistan’s acceptance of IMF programme could increase investors’ confidence in the time to come.Gharibwal Cement was the volume leader in the share market, with 0.14 million shares as it closed at Rs 16.62 after opening at Rs 17.37 losing 75 paisas. National Assets traded 0.10 million shares as it closed at 42 paisas after opening at 40 paisas making a financial gain of two paisas. Southern Electric traded 0.09 million shares as it closed at Rs 3.60 after opening at Rs 3.70 losing 10 paisas. Sui Northern Gas traded 00.7 million shares as it closed at Rs 27.91 after opening at Rs 27.91 with no change in its value. Al- Qaim TexSally Tex traded 0.50 million shares as it closed at Re 1 after opening at Rs 1.25 losing 25 paisas.
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