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Liquidity crunch, broker defaults take KSE index down by 173 points

The Karachi stock market continued to remain under the bearish spell as the 100 index lost another 172.66 points on Friday due to prevailing fear among investors over liquidity crunch, broker defaults and year-end cash requirements, which affected their sentiments negatively.The Karachi Stock Exchange (KSE) 100-share lost 172.66 points to close at 6,487.52 points as compared to 6,660.18 points traded in the previous session.
The KSE 30 index shed 279.63 points and closed at 6,284.72 points as compared with 6,564.35 points of the previous session. KMI 30 index also declined by 186.74 points to close at 7,502.69 points as against 7,689.69 points of the previous session. The market turnover gained 79.86 percent and traded 106.23 million shares as compared to previous session’s 59.06 million shares. The overall market capitalisation declined by 2.35 percent and closed at Rs 2.032 trillion as compared to Rs 2.081 trillion traded in the previous session. Out of 202 companies, 102 closed in positive zone, 97 in negative while three remained unchanged.
Farhan Mahmood, Analyst at JS Global Securities said that compared to previous eight sessions, better trading activities were witnessed on Friday, the last trading day of the week. Investors displayed keen interest in IPPs including Hub Power and Kot Addu Power Plant. Analysts said selling activity continued in the market in the wake of ongoing Pak-India tensions and tight monetary policy stance of the government, which remained a major concern. Expectation of bailout package to rescue market participants and heavy discount on scrips invited fresh buying as compared with previous trading sessions.
The KSE 100 index opened in the red zone with a loss of 18.89 points and at the end of the day closed at 6,487.52 points with a loss of 172.66 points. Trading activity was better as compared to the last trading session as the ready market volume was recorded at 106.231 million shares as against last trading session’s 59.065 million shares. Dewan Cement was the volume leader in the share market with 13.06 million shares as it closed at Rs 3.34 after opening at Rs 3.90 shedding 56 paisas. Hub Power traded 9.80 million shares as it closed at Rs 14.38 as against its opening at Rs 13.38 gaining Re 1. Fauji Fertiliser Bin Qasim traded 8.04 million shares as it closed at Rs 13.81 as compared to its opening at Rs 14.55 losing 74 paisas. NIB Bank traded 7.64 million shares as it closed at Rs 4.26 as compared with its opening at Rs 3.31 gaining 95 paisas. PICIC Inv Fund traded 6.59 million shares as it closed at Rs 2.17 after opening at Rs 2.13 losing four paisas. Futures market volume stood at 0.001 million shares. staff report
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