KSE loses 104 points amid row over judges

The Karachi stock market ended more than 1 percent lower on Monday as a potentially destabilising dispute between the Supreme Court and the president over judicial appointments worried investors. Moreover, expectation of rising confrontation between the leadership of the PPP and the PML-N also affected the market sentiment.
The Karachi Stock Exchange (KSE) benchmark 100-share index, which opened in the red zone with a loss of 78.44 points, ended 1.06 pc, or 104.06 points, lower at 9,701.81. Volume was at a one-month low as 78.86m shares were traded.
The volumes were thin and stood at 132m shares, 40 percent lower than Friday’s volume. The government officials meeting with the IMF personnel, for the release of IMF’s fifth tranche was unable to boost investors’ interest.
Institutional investors’ participation was quite low as political uncertainty forced them to stay in the sidelines. Nevertheless, individuals continued to participate in the market mainly in sideboard stocks like TRG, Askari Bank and Lotte PTA. Some buying interest was only seen in the companies like PSO, HBL, ABL., DGKC and NML which are expected to announce their results in February, for the period ended Dec 31, 2009.
On the other hand, the KSE 30-index closed at 10036.97 with a loss of 137.95 points. The KMI 30-index closed at 14292.74 with a loss of 141.40 points. All shares index closed at 6882.10 with a loss of 74.42 points.
Trading activity was minimal as compared to the last trading session as the ready market volume stood at 131.621m as compared to last trading session’s 221.787m. Future market volume, however, stood at 1.443m shares as compared to 3.079m shares of last trading session.

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