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Closing: KSE tumbles 500 points in 4 days

Closing: KSE tumbles 500 points in 4 days

KARACHI: The Karachi Stock Exchange (KSE) 100-index lost 89.57 points to reach 29892.88 points and volume of 84,658,790 shares on Friday, as Pakistan People’s Party (PPP) is going to hold a public meeting at Bagh-e-Jinnah on Saturday which will be addressed by party Chairman Bilawal Bhutto Zardari, formally starting his political career. Overall, KSE 100-Index has lost 500 points in 4 days.

Earlier, benchmark KSE 100-index took a good start and once again crossed the psychological barrier of 30,000, gaining 155.89 points to reach 30138.34 with volume of 831,561,540 shares till 9:45am. In midday trading, the KSE witnessed low trading and gained just 5.59 points to reach 29988.04 points with total volume of 49,437,800 shares.

The highest increase witnessed in price of the Fauji Cement, Telecard Limited, Jah.Sidd. Co, Engro Corporation while the UniLever Pak, Siemens Pakistan, Shield Corporation and Millat Tractors Ltd remained the biggest losers of the day.

As a whole 23.97 per cent of companies witnessed increase in their shares while 35.87 per cent lost their share value and 2.48 per cent companies remained stable.

High and Low were 30162.64 and 29839.36 respectively. Total volume traded in the market was 84,658,790 shares.

Financial experts were of the view that rising trade deficit, limited foreign interest and major fall in global commodities played a catalyst role in bearish activity at KSE despite record overseas remittances.