The Karachi Stock Exchange’s (KSE) benchmark 100-share index plummeted 1.6 per cent or 185.16 points to end at the 11,372.21 point level on Friday.
Across the board panic selling pushed the benchmark index to a five-week low, said Topline Securities equity dealer Samar Iqbal. Investors also remained wary of the law and order situation during the long weekend, added Iqbal.
November CPI inflation at 10.19% that beat market estimates was largely ignored by the market and failed to attract fresh interest.
Trade volumes gained but still at dismal level of 36.1 million shares compared with Thursday’s tally of 27 million shares.
Regulator Securities and Exchange Commission of Pakistan’s proposal to increase paid-up capital requirement up to Rs400mn for stock brokerage houses within three years created further anxiety among the brokerage community, said analysts.
The stock market will remain closed on Monday and Tuesday as the government has declared them public holidays on the occasion of Ashura.
Foreign institutional investors were buyers of Rs237 million and sellers of Rs218 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Shares of 320 companies were traded on Friday. At the end of the day 64 stocks closed higher, 156 declined while 100 remained unchanged. The value of shares traded during the day was Rs1.9 billion.
Fauji Fertilizer Bin Qasim was the volume leader with 3.28 million shares declining Rs1.24 to finish at Rs52.95. It was followed by National Bank of Pakistan with 2.47 million shares falling Rs1.48 to close at Rs40.37 and Fauji Fertilizer Company with 2.39 million shares losing Rs5.53 to close at Rs158.73.
Published in The Express Tribune, December 3rd, 2011.
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