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KSE falls 339 pts as investors await court’s ruling on CFS issue

The Karachi stock market continued to remain under the bearish spell for the third consecutive trading day Wednesday as the 100 index shed 338.96 points amid persistence of selling activities as investors awaited high court’s ruling on CFS outstanding positions, said analysts. They said other reasons include investors concern over falling rupee value and possible equity fund to bail out the market from its current crises.
The Karachi Stock Exchange (KSE) 100-share shed a massive 338.96 points to close at 8,105.63 points as compared with 8,444.59 points of the previous session. The KSE 30 index lost 454.87 points and closed at 8,503.00 points as compared to 8,957.87 points of the previous session. KMI 30 index also declined by 480.84 points to close at 9,687.46 points as against 10,168.30 points of the previous session. The market turnover went up by 127.91 percent and traded 57.82 million shares as compared with previous session’s 25.36 million shares. The overall market capitalisation went down by 3.77 percent and closed at Rs 2.495 trillion as compared to Rs 2.593 trillion traded in the previous session. Out of 161 companies, 14 closed in positive zone, 142 in negative while five remained unchanged.
Analysts said with almost all sorts of corporate weapons threatening the smooth working of the local bourses, the ray of hope lighted by the authority regarding ‘market support fund’ did endorse confidence amongst the stuck ups in the privileged stocks at discounted levels, most likely on the 7th lower lock scrips.Main board dividend yielding stocks continued to wait for buyers as due to the hangover from CFS, threat of heavy selling in the stocks placed with financial institutions as collaterals and higher chances that the large cap stocks would be the first to be sacrificed incase of redemptions, the potential buyers waited patiently. Increase in the desired rate of return due to the events in the economy on the other hand has further reduced the fair values of the main board stocks.
Upcoming events such as State Bank’s view on the interest rates and the upcoming budget, likely to carry increase in prevailing tax rates and introduction of new, will certainly keep the potential investors indecisive about the future course of action and the struggling rupee value during the period will most probably influence decision making. TRG Pakistan was the volume leader in the share market with 14.94 million shares as it closed at Rs 1.30 after opening at Rs 1.82 losing 52 paisas. Pakistan Cement traded 5.74 million shares as it closed at Rs 1.90 after opening at Rs 2.90 losing Re 1. Zeal Pak traded 4.98 million shares as it closed at 63 paisas after opening at 50 paisas gaining 13 paisas.
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