Political noise forces market end below 47K

KSE-100 Index sees sheer volatility closing lower by 2,668 points

Ghulam Raza Rajani

KARACHI: Market observed a sheer volatile trading week as index closed the week below 47K record low in past 6 months. Political noise and orders of JIT for the prime minister to attend the JIT hearing led market to serous panic situation. Volatility in international oil price kept local oil scrips hot waters. Oil sector played an important role in market decline. Selling from foreigners added salt to wounds leading market to bloodshed. Ongoing redemption in funds also triggered market volatility. Other news affecting market reduction in forex reserves, decline in foreign remittance and oversubscription of PSX shares.
The benchmark KSE-100 index was down by 2,668.36 points to close at 46,858.56 points. KSE All Share Index decreased by 1,669.76 points to end at 32,690.61, KSE 30-Index dipped by 1,525.11 points to conclude at 24,317.26.
The ready market average volume increased by 6.73 per cent to 255.46 million shares compared to 239.35 million shares traded on last week. The market capitalization of KSE down by Rs 494.50 billion to Rs 9.365 trillion against Rs 9.859 trillion observed last week.
K-Electric Limited remained overall volume leader during the week at 74.30 million shares; down by Rs 0.21 to close at Rs 7.05 Second on the volume leader was Engro Polymer Limited, increased by Rs 1.65 to close at Rs 38.55 by trading nearly 60.76 million shares. TRG Pakistan Limited remained as the third volume leader of the week by trading well over 56.15 million shares Lower by Rs 6.60 to close at Rs 44.59.
In the past week 349 scrips traded in which 35 scrips advanced, 302 declined while the value of 12 scrips remained intact.
Pakistan Tobacco Company Limited and Tandlianwala Sugar Mills Limited remained the top gainer by Rs 49.10 and Rs 33.00 to close at Rs 1,585.00 and Rs 204.00 respectively, while Hinopak Motor Company Limited and Millat Tractor Limited were among the major loser which lost Rs 156.62 and Rs 131.81 to close at Rs 1,500.00 and Rs 1,395.05 respectively.