Market watch: Index plummets again, ends at 33,200

Benchmark KSE-100 index falls 371.73 points

KARACHI: Reports of a senate committee suggesting investigations against a prominent business tycoon and continuous outflow of foreign investment dampened whatever sentiment bulls had as the benchmark-100 index endured another day of closing in the red.

The index was under pressure from the very beginning and went as low as 33,126 points before finding some support to end near 33,200.

This was the sixth successive negative finish for the Karachi Stock Exchange (KSE)-100 index as participants remain wary of investment outflow and lack of triggers.

At close on Wednesday, the benchmark 100-share index fell 1.11% or 371.73 points to end at 33,199.86 on Wednesday.



In its report, Topline Securities said bears dominated throughout the day with only a handful of shares inviting buying interest.

“Sui Southern Gas Company Limited remained in focus on the back of positive earnings expectations as it posted an increase of 5%.

“The most active stocks include Sui Southern Gas Company Limited, TRG Pakistan Limited, K-Electric Limited and Pace Pakistan Limited with 13 million, 12 million, 11 million and 9 million shares, respectively,” it noted.

Meanwhile, JS Global analyst Ovais Ahsan said bears won the battle.

“Major Index movers were heavyweights such as Habib Bank Limited (-2.16%), Muslim Commercial Bank (-2.30%) and Engro (-1.34%),” he noted.

“News reports highlighting that the senate committee had suggested an investigation be conducted against a key business magnate in the country raised concerns,” he said.



Trade volumes fell to 153 million shares compared with Tuesday’s tally of 157 million shares.

Shares of 365 companies were traded on Wednesday. At the end of the day, 82 stocks closed higher, 262 declined and 21 remained unchanged. The value of shares traded during the day was Rs7.8 billion.

Sui Southern Gas was the volume leader with 13.6 million shares, gaining Rs1.79 to finish at Rs43.03. It was followed by TRG Pakistan Limited with 12.3 million shares, gaining Rs0.21 to close at Rs39.04 and K-Electric Limited with 11.3 million shares, losing Rs0.18 to close at Rs7.32.

Foreign institutional investors were net sellers of Rs23 million worth of shares during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, November 26^th, 2015.

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