News Column

KSE-100 index posts 3rd straight day of big losses

August 27, 2014

Karachi Stock Exchange (KSE) remained in the grip of bearish sentiments for third straight day on Wednesday as margin selling along with various rumors about the political setup affected the share market dearly but volumes posted better numbers.

The benchmark KSE 100-Index declined by 1.53 percent or 432.24 points to 27,811.35 points on Wednesday when compared with 28,243. 59 points reported on Tuesday.

The KSE All Share Index shed 1.23 percent or 253.24 points to 20,417.53 points, the KSE 30-Index fell by 1.69 percent or 332.46 points to 19,365.1 points, whereas the KMI 30-Index slumped by 1.41 percent or 651.07 points to 45,374.53 points.

During Wednesday's trading session, the key index touched an intraday high of 28,307.89 points as against an intraday low of 27, 584.79 points.

Investors opted for margin selling amid continuing political crisis in the country which led to various rumors of political setup including an army rule option at the leading bourse all day long. The Karachi share market has lost 3.7 percent in the last three days.

Lucky Cement closed at lower limit of 5 percent amid institutional selling while Pakistan Petroleum Ltd announced June quarter result as per the market expectations.

Market volumes improved by 55.893 million shares to 132.312 million shares on Wednesday as against 76.419 million shares posted on Tuesday, the capitalization reduced by 81.235 billion rupees to 6.535 trillion rupees , whereas the trading value swelled by 2. 165 billion rupees to 6.802 billion rupees.

Among 345 active scrips Wednesday, prices of 246 issues declined, 79 advanced, whereas values of 20 other companies stayed unchanged.

TRG Pakistan Ltd XR, Pak Elektron Ltd, and Maple Leaf Cement Ltd were the top traded companies with turnovers of 8. 197 million shares, 7.695 million shares, and 7.68 million shares, respectively.

Nestle Pakistan was the top price gainer with increment of 100 rupees to 7,500 rupees whereas Wyeth Pakistan Ltd led the major price losers with decrement of 164.27 rupees to 3,200.11 rupees.

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Source: Daily Messenger (Pakistan)

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