The heated political debate got extremely intensified after the President left for Dubai for heart treatment. A few newspapers republished the article floated by a US magazine suggesting Zardari may resign. As per the article, Zardari is completely trapped in the memo-gate issue.
The benchmark was fairly impacted by the rumours in relation to the above mentioned article. Majority of the top tier stocks nosedived to the lower level with a mere volume of 37.9m shares. The index heavy OGDC tried its level best to rescue the benchmark with its Rs1.21/share gain, but most of the top tier stocks were on the losing streak.
The KSE 100 index closed at 11283.89 with the loss of 88.32 points, while total volume stood at 32,278,131 along with the total value of 1,597,515,626. The KSE 30 index lost 150.55 points to close at 10444.27 levels, and All Share index closed at 7818.86 levels after losing 62.51 points. Total 62 scrips advanced 143 declined and 107 remain unchanged out of total 312 scrips traded.
As long as the political uncertainty prevails, we may see the same kind of behavior at the KSE, said Bilal Asif, Head of Research at HMFS. Volumes continued to dry up further depicting lack of investor confidence. He believes that the negativity may prevail in the current market until and unless investor’s doubts are settled.
