KARACHI: Investors opted to offload their holdings at the Karachi stock market on Wednesday as the current impairment issue on equity market investment, which is awaiting the final decision of SECP, has propelled investors to adopt a cautious approach.
The Karachi Stock Exchange (KSE) 100-share declined by 26.24 points to close at 5,429.43 points as compared to 5,455.67 points traded in the previous session. The KSE 30 index also lost 51.34 points and closed at 5,433.55 points as compared with 5,484.89 points of the previous session. The KMI 30 index shed 7.06 points and closed at 7,100.92 points as against 7,107.98 points of the previous session.
The market turnover went up by 26.78 percent and traded 164.27 million shares as compared to 129.57 million shares traded in the previous session. The overall market capitalisation went down by 0.46 percent and closed at Rs 1.713 trillion as compared to Rs 1.721 trillion traded in the previous session. Out of 255 companies, 116 closed in the positive zone, 124 in negative while 15 remained unchanged.
Analysts said that like the previous two sessions, the market was erratic in the wake of unresolved issue of impairment on equity market investment and the prevailing uncertainty is likely to continue further unless the SECP comes to an amicable solution.
The market mood was swinging since the wee hours of trade and kept fluctuating during the day closing ultimately in the negative zone.
Analysts said international equity markets plunge and rumours on CVT increase including capital gains tax imposition on equity market remained major concerns for investors while continuation of foreign selling and high liquidity costs invited profitability in an overbought market.
OGDC, for the fourth consecutive trading session, was the volume leader in the share market with 15.65 million shares as it closed at Rs 49.32 after opening at Rs 48.91 making a financial gain of 42 paisas. Jah Siddi Co traded 13.23 million shares as it closed at Rs 32.27 as compared to its opening at Rs 33.84 shedding Rs 1.57. Bank Al-Falah traded 9.11 million shares as it closed at Rs 12.53 as compared with its opening at Rs 12.11 gaining 42 paisas. Arif Habib Sec traded 8.88 million shares as it closed at Rs 22.86 as against its opening at Rs 22.49 gaining 37 paisas. Zeal Pak traded 8.06 million shares as it closed at Rs 0.35 from its opening at Rs 0.38, losing three paisas. (DT)
The Karachi Stock Exchange (KSE) 100-share declined by 26.24 points to close at 5,429.43 points as compared to 5,455.67 points traded in the previous session. The KSE 30 index also lost 51.34 points and closed at 5,433.55 points as compared with 5,484.89 points of the previous session. The KMI 30 index shed 7.06 points and closed at 7,100.92 points as against 7,107.98 points of the previous session.
The market turnover went up by 26.78 percent and traded 164.27 million shares as compared to 129.57 million shares traded in the previous session. The overall market capitalisation went down by 0.46 percent and closed at Rs 1.713 trillion as compared to Rs 1.721 trillion traded in the previous session. Out of 255 companies, 116 closed in the positive zone, 124 in negative while 15 remained unchanged.
Analysts said that like the previous two sessions, the market was erratic in the wake of unresolved issue of impairment on equity market investment and the prevailing uncertainty is likely to continue further unless the SECP comes to an amicable solution.
The market mood was swinging since the wee hours of trade and kept fluctuating during the day closing ultimately in the negative zone.
Analysts said international equity markets plunge and rumours on CVT increase including capital gains tax imposition on equity market remained major concerns for investors while continuation of foreign selling and high liquidity costs invited profitability in an overbought market.
OGDC, for the fourth consecutive trading session, was the volume leader in the share market with 15.65 million shares as it closed at Rs 49.32 after opening at Rs 48.91 making a financial gain of 42 paisas. Jah Siddi Co traded 13.23 million shares as it closed at Rs 32.27 as compared to its opening at Rs 33.84 shedding Rs 1.57. Bank Al-Falah traded 9.11 million shares as it closed at Rs 12.53 as compared with its opening at Rs 12.11 gaining 42 paisas. Arif Habib Sec traded 8.88 million shares as it closed at Rs 22.86 as against its opening at Rs 22.49 gaining 37 paisas. Zeal Pak traded 8.06 million shares as it closed at Rs 0.35 from its opening at Rs 0.38, losing three paisas. (DT)
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