Panic selling was witnessed on the Karachi stock market Friday in scrips without exception after what the analysts said the American Senate nodded to a Democrats backed bill proposing the blockade of counterinsurgency aid to Pakistan.
“Panic selling witnessed at KSE in scrips across the board after US Senate approved blocking counterinsurgency aid to Pakistan,” said Ahsan Mehanti, director at Arif Habib Investments.
The day witnessed the benchmark 100-share index nose-diving by 185.16 points to close at 11, 372.21 points against 11,557.37 points of Thursday. The intraday high and low was, respectively, recorded at 11,557.37 and 11,247.11 points.
Whereas the trading volumes remained closed slightly higher at 36.050 million shares compared to the record low of 27.472 million shares of the previous day. The trading value also set in the green zone and increased to Rs1.9 billion against the previous day’s Rs1.259 billion. “The Index recovered from intraday lows with thin activity,” said Mehanti.
Of the total 320 traded scrips, 64 advanced, 156 declined and 100 remained unchanged. The market capitalisation closed as low as Rs2.961 trillion against Rs3.00 trillion on Thursday.
The KSE-30 index also lost 225.05 points to close at 10, 594.82 points compared to 10,819.87 points of the previous session. The intraday high and low for the 30 index was recorded at 10,813.04 and 10,491.69 points. “Institutional support continued in oversold scrips despite uncertain Pak-US relations as Pak Army reacts to NATO attacks on Pak border check posts on November 26,” the analyst Ahsan Mehanti said.
Fauji Fertiliser Bin SOPT was volume leader of the day by counting its traded shares at 3.282 million with its share price closing lower at Rs52.95 after opening at Rs54.19.
Other best performers included National Bank, Fauji Fertiliser XD, Jahangir Siddiqui Company, Fatima Fertiliser Company, PTCL, Lotte PakPTA, Oil and Gas, NIB Bank Limited and Azgard Nine.
