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Closing: KSE suffers huge losses, drops 234 points

Closing: KSE suffers huge losses, drops 234 points

KARACHI: The Karachi Stock Exchange (KSE) 100-index, adding to yesterday losses, dropped another 234.23 points to reach 30120.99 points and volume of 103,405,260 shares on Wednesday.

Earlier, benchmark KSE-100 index opened with positive trend and gained 37 points in morning trading session. In midday trading, market kept on adding to its yesterday losses and plunged 258.30 points, reaching 30096.92 points with volume of 4,258,484,211 shares.

The highest increase witnessed in price of the Nestle Pak. with price per share 8000.00 (200.00), Bata (Pak) with price per share of 3530.00 (99.13) and Exide (PAK) share of 1105.52 (52.64), while the Mari Petroleum with price per share of 527.72 (-25.41), Island Textile SPOT with price per share of 950.00 (-25.10) and Gillette Pak per share of 400.00 (-18.00) remained the biggest losers of the day.

As a whole 28.38 per cent of companies witnessed increase in their shares while 32.18 per cent lost their share value and 2.81 per cent companies remained stable.

High and Low were 30403.51 and 30044.21 respectively. Total volume traded in the market was 212,123,780 shares with 388 total traded companies out of which 174 were up, 197 were down and 17 were unchanged.

Financial experts were of the view that traders were confused over the growing tension on Line of Control (LoC) between Pakistan and India and political disturbance resulting from public meetings organized by Pakistan Tehreek-e-Insaf Chairman Imran Khan and Pakistan Awami Tehreek chief Tahirul Qadri in different cities.

On political front, Pakistan Tehreek-e-Insaf (PTI) Imran Khan criticised the government for increasing power tariffs, alleging that the decision was dictated by the International Monetary Fund (IMF).