KARACHI: The stock market faced a huge onslaught in the early hours of trade and fell deep - 90 points - into the red zone amid thin trade.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index declined 0.65 per cent or 88.63 points to end at 13,642.19 point level.
There market did not trend on one huge rumour but different speculations. The election of the new prime minister could not revive interest in the market as investors are still worried about the Pak-US relationship and the worsening macro-economic fundamentals of the country, said JS Global Capital analyst Shakir Padela.
Stocks closed bearish amid concerns of a fall in global stocks and commodities because of the Eerozone debt crisis, said Ahsan Mehanti, an official at Arif Habib Corporation.
Trade volumes fell to the dismal level of 57 million shares compared with Friday’s tally of 84 million shares.
Foreign institutional investors were net sellers of Rs58 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Engro Foods and DG Khan Cement remained highly traded, however, share price of both scrips fell in the absence of any positive trigger.
Shares of 327 companies were traded on Monday. At the end of the day 74 stocks closed higher, 177 declined while 76 remained unchanged. The value of shares traded during the day was Rs1.8 billion.
Karachi Electric Supply Company was the volume leader with 8.3 million shares gaining Rs0.35 to finish at Rs3.18 on expectations of company showing profit in the next quarterly result.
It was followed by Engro Foods with 6.6 million shares declining Rs2.98 to close at Rs65.11 and DG Khan Cement with 6.1 million shares falling Rs0.98 to close at Rs39.18.
Published in The Express Tribune, June 26th, 2012.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ