The Karachi share market received a massive battering on the first trading day of the week, Monday, and plunged by 1.65 percent or 219.40 points at 13,077.72 points. “The KSE 100 index is yet to climb above the pivot level of 13,350pts levels as it again managed to induce the selling pressure,” said Abdul Azeem of InvestCap. Total numbers of shares of 384 companies were traded on the day, and at the end of the day total 77 stocks closed higher, total 234 are declined while 73 remained flat. The overall value of shares traded during the day was Rs2.568 billion.
The trading volumes at the ready-counter were recorded lower at 256,860 million shares against 426.213 million shares of the previous day. The trading value decreasing to Rs4, 528 billion compared to Rs6.693 billion of the previous session. The intraday high and low, respectively, stood at 13,329.67 and 13, 042.67 points. Market capitalization declined to 3.381 trillion from 3.442 trillion.
“The index concluded the day failing to come out of the slump,” said Azeem adding that “If bulls finish the good work and stamp the authority again or else allow bears to remain in the game”. He said the benchmark attracted selling pressure at 13,500 points levels which still remains a strong resistance.
“Closing above 13,300pts levels indicates again upward move towards 13,500 points levels, otherwise it will again attract selling pressure towards 12,875pts levels,” he added. KSE All share-index ended the day at 9,149.44 points, down 161.42 points or 1.73 percent, KSE 30-index stopped the day at 11,557.20 points, down 164.04 points or 1.40 percent while the KMI 30-index slumped by 248.98 points or 1.10 percent to end the day at 22, 467.99.
Jahangir Siddiqui Company was volume leader of the day, 21.331 million shares and gained Rs 1 to close at Rs 17.39, followed by Lafarge Pakistan, Dewan Cement and Karachi Electric Supply Company with turnover of 17.654 million, 17.309 million and 11.805 million shares respectively.
The Siemens Pakistan and UniLever Pakistan Limited SPOT, up Rs 35.89 and Rs 34.90, led highest price gainers while, Nestle Pakistan SPOT and Rafhan Maize SPOT, down Rs 137.83 and Rs 89.34 respectively, led the losers.
Bears run the show as KSE sheds 219pts
