Skip to main content

Bears continue to reign at KSE, 100-share index 231 points down


Bears continued to reign at the Karachi stock market on the first day of the trading week Monday on account of selling pressure spurred by liquidity crunch and expected prevalence of tight monetary policy scheduled to be announced on the 31st, said analysts.

The Karachi Stock Exchange (KSE) 100-share index shed 231.18 points to close at 5,280.75 points as compared with 5,511.93 points traded in the previous session. The KSE 30 index also lost 263.51 points and closed at 4,954.02 points as compared to 5,217.53 points of the previous session. KMI 30 index declined by 292.75 points and closed at 6,589.94 points as against 6,882.69 points of the previous session.

The market turnover went up by 5.06 percent to close at 75.98 million shares as compared to previous session’s 72.26 million shares. The overall market capitalisation fell by 3.78 percent and closed at Rs 1.677 trillion as compared with Rs 1.743 trillion traded in the previous session. Out of 252 companies, 60 closed in the positive zone, 184 in negative while eight remained unchanged.

Analysts said the current onslaught continued to dominate the trading session as the desperate exit seekers paid no respect to the valuations thus keeping the ‘loss minimisation’ on top priority.

Foreign and local selling (mainly by the corporate) thereby never allowed the local equities to settle, cautious accumulation was however evident in the main board stocks mainly by the state fund and private sector institutions, which allowed the market a breather in post initial hours of trading.

Fierce selling however pushed the market further into the red zone as almost all the main board stocks witnessed lower locks.

Analysts, citing reasons for negative index, said they include fears on the outcome of the monetary policy to be announced on January 31, Pak-India relations and high liquidity cost remained major concerns.

Distressed selling by investors on liquidity issues and international equity markets’ situation together with less than expected results of listed companies forced the investors to offload investments at cheaper rates.

Mybank was the volume leader in the share market with 7.80 million shares as it closed at Rs 3.42 after opening at Rs 4.33 shedding 91 paisas. NIB Bank traded 7.45 million shares as it closed at Rs 4.41 after opening at Rs 4.54 shedding 13 paisas. PTCL traded 7.04 million shares as it closed at Rs 13.01 after opening at Rs 14.00 losing 99 paisas. OGDC traded 6.63 million shares as it closed at Rs 46.93 after opening at Rs 49.40 losing Rs 2.47. Zeal Pak traded 4.94 million shares as it closed at 48 paisas after opening at Rs 47 paisas making a financial gain of one paisa.

Comments

Popular posts from this blog

SECP initiates 86 show-cause proceedings against compamies

The SECP’s Enforcement Department— while enforcing compliance of corporate and allied laws— initiated 86 show-cause proceedings and concluded 54 proceedings against chief executives, directors and auditors of companies in February and March. While facilitating companies to strengthen their capital base, the department allowed three listed companies to issue shares by way of otherwise than right at a discount and at par.  In order to strengthen the existing regime of Corporate Social Responsibility (CSR) reporting, the SECP has joined hands with the ICAP for the external assurances of the CSR reports.  CSR reports assist organizations in understanding and communicating their vision of combining a company’s profitability with social responsibility and environmental care. Both the SECP and the ICAP have reaffirmed their commitment to developing a framework for external assurance in accordance with prominent international assurance standards, and within a mutually agreed time f

Chairman SECP Reaffirms Commitment to Facilitate Businesses

The Securities and Exchange Commission of Pakistan (SECP), as part of its efforts to promote ease of doing business through meaningful stakeholder engagement, held an interactive virtual session with representatives of Overseas Investors Chambers of Commerce & Industry (OICCI).   The session was chaired by the Chairman SECP, Aamir Khan, who briefed the participants about recent improvements in the regulatory ecosystem and highlighted some key changes, including introduction of digital certificate of incorporation, creation of special portal for banks to facilitate account opening, digitization of account opening process for resident and non-residents for investment in the capital market etc. These reforms have greatly improved efficiency of processes, which have been duly reflected in country’s global rankings.   During the session, the Chairman apprised the OICCI’s representatives about SECP’s future endeavors in this regard to simplify regulatory requirements, reduce compliance c

THK Associates (Private) Limited: Shares Registrar

THK Associates (Pvt) Limited was formed in 1989. The company is engaged in providing specialized services relating to the corporate sector and in particular acts as share transfer agent for a number of companies. THK Associates (Pvt) Limited is one of the leading service provider of Share Registrar, Transfer Agent, Balloters for IPO’s and Share Accounting Services and is managed and run by a set of professionals having indepth knowledge and expertise of organizing and managing diversified corporate activities including depository related Share Registrar activities. THK Associates (Pvt) Limited, previously an associate of KPMG Taseer Hadi & Co., has been restructured in terms of requirements of Clause XL of the Code of Corporate Governance and the shareholding of THK partners has been divested in the year 2004. Mr. Yunus Dawood, Chief Executive of DYL Motorcycle Limited, a shareholder and Director was appointed as Chairman of the Company in 2008. Mr. Javed Iqbal, former Chairman an