Low volume strength during early trade poured in green numbers, but fierce selling mainly in the high priced frontline and fertiliser stocks disallowed the early gains to stay intact, while prolonged stagnation and absence of buyers on regular intervals forced massive price erosion in various front liners, thus forcing the benchmark to sail in red zone in post midday session. Although targeted activity disallowed an extended fall, decline in volume with increase in value, that has now become a popular observation, have kept the participants both from corporate and high net worth channels in search of short term trades besides keeping nervousness intact.
KSE 100 index closed at 11839.00 levels with the loss of 29.17 points, while KSE 30 index lost 43.30 points to close at 11347.07 levels. All Share index closed at 8206.40 levels after losing 21.45 points. Total 117 scrips advanced 159 declined and 106 remain unchanged out of total 382 scrips traded.
While, the market men await materialisation of already discounted events likely to unfold with the announcement of MPS, and announcement of judicial decision on suo moto on Karachi situation sent the market activity on pause as signs of panic was evident as the short term players off-loaded trading float. Various corporate and high net worth participants opted for sector and stock swapping, presence of bids in selected stocks upon panic sale however did ensure support on dips.
Hasnain Asghar Ali at Aziz Fida Husein said caution continues to stay the call, with dips to be targeted for placements in dividend yielding stocks, successful in reporting substantial growth despite all odds, while low quantum, speculative activity that usually offers scattered trading opportunities can be looked for off-loading. However settlement of lingering issues may allow consistent rise in stocks suffering on different grounds, he added.
Fierce selling scares bulls at Karachi Stock Exchange
