Investors’ concern over availability of funds keeps KSE motionless

The Karachi stock market’s index remained unchanged on Tuesday amid concerns among investors over liquidity crisis and prevailing law and order situation in the city, analysts said.The Karachi Stock Exchange (KSE) 100-share index was unmoved at 9,187.10 points. The KSE 30 index and KMI 30 index were motionless at 9,981.93 points and 11,224.18 points respectively. The market turnover gained 93.13 percent and traded 0.197 million shares as compared to 0.102 million shares traded in the previous session.

The overall market capitalisation remained unchanged at Rs 2.820 trillion. Out of 11 companies, five closed in positive zone, one in negative while five remained unchanged. Analysts said depressed activity continued as the bailout package to support the market fell short of funds and KSE’s request to SECP for lifting of floor on funds availability failed to attract investors.

They said finally the update on the issue of ‘unfreezing’ got an official backing as participants were briefed on the sensitive issue and it did confirm that its IMF who is the authority, although it is still unclear that whether the authorities are seeking permission of IMF to inject funds on opening or is it even without the ‘market support fund’ that the permission of IMF is essential, since its now IMF whose services and funds are being used to rebuild the eroded economy.The proposal of ‘unfreezing’ is although a step forward, the decision however failed to infuse enthusiasm amongst the market participants as the event failed to have a positive impact in the ‘off market transactions’ being the only bench mark of the sentiments in event of paused regular market. Observers however insist that the proposal forwarded for ‘unfreezing’ doesn’t carry the spirit, therefore it is unlikely that the mega event will take place this year.

National Assets was the volume leader in the share market with 0.0159 million shares as it closed at 44 paisas after opening at 40 paisas making a financial gain of four paisas. Pak Com Leas traded 0.028 million shares as it closed at 56 paisas after opening at 55 paisas gaining one paisa. Pak Datacom Ltd traded 0.032 million shares as it closed at Rs 51.41 after opening at Rs 48.97 gaining Rs 2.44. Sitara Energy traded 0.02 million shares as it closed at Rs 19.62 after opening at Rs 18.65 gaining 97 paisas. Mod Al-Mali traded 0.015 million shares as it closed at Rs 2.25 after opening at Rs 2.75 shedding 50 paisas. Like previous sessions, futures market continued to remain static as no activity was witnessed during the session.

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