Saturday, December 19, 2009

Karachi Stock Exchange (KSE) witnesses bearish Friday

Negativity prevailed at the Karachi Stock Exchange (KSE) on the last day of the week with very low volumes as investors preferred to stay sidelined over political turmoil arising out of the Supreme Court's decision on NRO.

The benchmark KSE 100-Index shed 0.47 per cent or 43.45 points to finish at 9,183.73 levels, KSE 30-Index lost 0.87 per cent or 84.64 points to close at 9,652.90, whereas KSE All Share Index dropped 0.43 per cent or 28.45 points to end at 6,520.25 levels.

He further stated that investors also remained concerned over prevailing security situation in the country.

Trading activities started on a positive note with a gain of 17 points thereafter market saw some mixed activities during the first hour of the session moving in both territories where at one stage index touched an intra-day high of 9,258 points (+ve 31 points). After which some pressure witnessed as investors were worried over the current political situation in the country therefore index went down into the red zone and closed the first session with a loss of 24 points.

Red numbers were increased during the second session due to law and order situation in the country and news of NAB taking action against ministers therefore the key index went down to touch its lowest level of the day of 9,137 points (-ve 89 points). However some buying at lower levels mainly in E&P stocks allowed the index to end with reduced losses.

Though market ended in the negative zone but buying was witnessed by the foreign investors as according to the National Clearing Company of Pakistan Limited (NCCPL) figures, there was a net foreign buying of $2 million Friday.

Investor participation was much depressed as 96.8 million shares changed hands which are 110 million shares less as compared to a turnover of 206.8 million shares a day earlier.

Out of total 384 active issues, 201 declined and 160 advanced while 23 issues remained unchanged.

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