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Karachi stock market loses 370 points after lifting of floor


The Karachi stock market witnessed a sluggish trading session on the first day of the week Monday as investors went for selling activities in across the board stocks after the ‘floor’ was lifted, analysts said.They said after three and a half month half months the index floor was removed and the index lost 370 points as the market opened without funds to bailout the capital market while investor’s were concerned over falling sentiments on probable broker defaults and awaited Sindh High Court’s decision regarding outstanding CFS position.

The Karachi Stock Exchange (KSE) 100-share index shed a massive 370.00 points to close at 8,817.10 points as compared with 9,187.10 points traded in the previous session. The KSE 30 index lost 493.53 points and closed at 9,434.80 points as compared to 9,928.33 points of the previous session. KMI 30 index also declined by 540.50 points and closed at 10,683.68 points as against 11,224.18 points of the previous session. The market turnover made substantial gain and traded 17.86 million shares as compared to the previous session’s 0.056 million shares. The overall market capitalisation went down by 3.77 percent and closed at Rs 2.702 trillion as compared to Rs 2.808 trillion traded in the previous session. Out of 127 companies, five closed in the positive zone, 120 in negative while two remained unchanged. Analysts said amid threat of legal battle, the authority made it the point to resume trading at KSE, although the main board stocks failed to register trades that in turn never allowed the index to reflect an adjustment of 5 percent, which is 460 points on the first day of resumption, nevertheless the benchmark breached the 9,000 points psychological level. It is therefore worth mentioning that the day the index stocks register trades the index will reflect the entire adjustment.

The unconfirmed news that various members have followed pursuit and have signed the petition restricting release of CFS MKII holdings and refraining the KSE management from demanding mark to market losses from the members, kept the uncertainty regarding functioning of the bourse amid restriction on demanding losses.

Zeal Pak was the volume leader in the share market with 12.82 million shares as it closed at 39 paisas after opening at Rs 1.16 losing 77 paisas. Nimir Ind Chemical traded 1.12 million shares as it closed at Rs 1.15 after opening at Rs 2.13 losing 98 paisas. Equity Mod traded 0.975 million shares as it closed at 93 paisas after opening at Rs 1.75 losing 82 paisas. Investec Sec traded 0.639 million shares as it closed at 37 paisas after opening at Rs 1.29 shedding 92 paisas. Southern Electric traded 0.428 million shares as it closed at Rs 2.79 after opening at Rs 3.60 losing 81 paisas. Like previous sessions, futures market continued to remain static as no activity was witnessed during the session.
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