Bears prevailed on Karachi stock market Thursday, after market observers said after regional stock markets and commodities plunged on rising concerns over European debt crisis. “Pakistan stocks closed sharply lower after Asian stocks and commodities plunged on rising concerns for Europe debt crisis,” said Ahsan Mehanti, director at Arif Habib Investments.
The analyst said United States’ clarification on a $700 million conditional aid to Islamabad also affected the sentiments at the bourse. The day witnessed the benchmark 100-sahre index nose-diving by 161.47 points or 1.43 per cent to close at 11, 139.52 points as against 11,300.99 points of Wednesday. The intraday high and low was, respectively, recorded at 11,301.80 and 11,058.07 points. “The Index managed to close above session lows on state-run institutional support in oversold blue chip stocks,” said the analysts. Trading volumes closed higher at 52.0038 million shares compared to Wednesday’s 34.960 million shares. Trading value also set in the green zone and increased to Rs2.01 billion against the previous day’s Rs1.96 billion.
Of the total 316 traded scrips, 39 advanced, 188 declined and 89 remained unchanged. Market capitalisation closed as low as Rs2.88 trillion against Rs2.930 trillion of a day earlier. KSE-30 index also lost 217.25 points or 2.08 per cent to close at 10, 251.92 points compared to 10,469.17 points of the previous session. “Foreign outflow from local bourse, uncertain Pak-US relations and prevailing government judiciary conflicts played a catalyst role in negative sentiment at KSE,” analyst Ahsan Mehanti observed. Fatima Fertiliser Company was the volume leader of the day by counting its traded shares at 5.9 million with its per share price closing lower at Rs21.50 after opening at Rs22.10.
