Bearish trend was witnessed in the Karachi share market on the last working day of the week, Friday; as the benchmark KSE-100 index plunged 153.95 points to close at 13,295.91. Trading remained high and the volume at ready counter shot up to 42.621 million shares as compared to 33.691 million shares traded on last trading session. “The index subsequently managed to post a new high and close for the current uptrend”, said Abdul Azeem, an analyst at InvestCap.
Of 373 active scrips, 129 closed in positive and 181 in negative, while the values of 63 stocks remained unchanged. Market capitalisation declined to 3.442 trillion from 3.488 trillion.
Azeem added that the KSE100 index opened above the identified pivot level of 13,327, however some profit-taking was observed but immediately got its footings, which indicates strong demand. KSE All share-index ended the day at 9,278.37 points, down 106.14 points or 1.13 per cent, KSE 30-index stopped the day at 11,721.24 points, down 218.2 points or 1.83 per cent while the KMI 30-index slumped by 345.63 points or 1.50 per cent to end the day at 22,716.97. According to analysts, the KSE100 index is strigging to go further up towards 13,818pts level. Lafarge Pakistan was volume leader of the day, 57.481 million shares and gained Rs 0.41 to close at Rs 3.87, followed by Jahangir Siddiqui Company, Fauji Cement and Karachi Electric Supply Company with turnover of 48.677 million, 22.340 million and 10.068 million shares respectively.
Nestle Pakistan SPOT and UniLever Pakistan Limited SPOT, up Rs101 and Rs9.18 respectively, led highest price gainers while Wyeth Pakistan Limited and Pakistan State Oil dropped Rs12.62 and Rs12.06 respectively, leading the losers. However, once again sideboard stocks were the main contributors, hence, suggesting little supply in the mainstream stocks, said Azeem.
