RECORDER REPORT
KARACHI: Karachi Stock Exchange (KSE) remained volatile Wednesday and closed in red zone driven by political situation in the country. The KSE-100 index closed at 30,667.14 points, down 0.68 percent or 209.14 points as compared to 30,876.28 points Tuesday.
During the intraday trading, the KSE-100 index touched highest level of 31,141.78 points and fell to 30,562.61 points lowest level.
Out of 354 scrips, 133 advanced, 199 scrips declined while the value of 22 scrips remained unchanged.
Abdul Azeem, an analyst at Invest Capital said the market bounced back moderately during the first session, due to political situation in the country as all political parties were on the same page and unified regarding their stances on terrorism.
He opined that the market would remain volatile till a decision being made by all political parties during All Parties Conference convened by Prime Minister at Peshawar after Tuesday’s carnage.
Fahad H Khan of Adam Securities said prospects of GSP Plus status, depressed oil prices, bears domination in the international equity markets and surge in FDI forced the index to move either way.
He said soaring FDI by 19 percent in July-Nov coupled with unity shown by all political parties against terrorism helped the bulls to hit the intraday high of 31,141.
Meanwhile, the approval to lift ban on death penalty given by Prime Minister Nawaz Sharif caused selling pressure in textile sector as it raised a question mark on GSP Plus status. Although GSP plus is not conditional to death penalty, the approval to lift ban on death penalty may be treated as a major setback to Pakistan’s relations with the bloc of 27 nations.
Samar Iqbal of Topline said continuous selling by foreigners in last few sessions kept local investors on the sidelines. She said volumes fell to 199 million shares and the value decreased to $ 119 million (value Rs. 11.9 billion)
K-Electric Ltd emerged the volume leader with 35.46 million shares gaining Re. 0.47 to close at Rs. 8.69. B.O.Punjab stood second, down Re. 0.02 to close at Rs 10.15 on 11.62 million shares. Byco Petroleum closed at Rs 9.28, down Rs 0.74 on 8.16 million shares. KASB Bank Ltd gained Re. 0.01 to close at Rs. 2.42 on 6.95 million shares.
Lafarge Pak rose by Re. 0.18 to close at Rs. 17.13 on 6.74 million shares. National Bank declined by Re. 0.10 to close at Rs. 64.91 on 6.10 million shares. D.G.K.Cement closed at Rs. 105.11, up Re. 0.17 on 5.20 million shares. Pak Elektron gained Re. 0.28 to close at Rs. 36.76 on 4.52 million shares. Oil & Gas Devel XD closed at Rs. 200.35, down Rs. 2.21 on 4.47 million shares. Nishat Mills Ltd lost Rs. 6.23 to close at Rs. 118.54 on 4.38 million shares.
Rafhan Maize and Ferozsons (Lab) were the top gainers with Rs. 300 and Rs. 28.97 to close at Rs. 10,200 and Rs. 608.37, respectively while Island Textile and Exide (Pak) were the worst losers with Rs.49.99 and Rs. 39.04 to close at Rs. 950 and Rs. 2,050.01, respectively.
