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 No reprieve for bearish KSE, down 224pts amid ‘volatile’ Karachi

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PostSubject: No reprieve for bearish KSE, down 224pts amid ‘volatile’ Karachi   Thu 26 Mar 2015, 9:24 am

KARACHI: The Karachi Stock Exchange benchmark 100-index lost 224.22points or 0.72 percent to reach 31086.51 points and volume of 67,381,810 shares on Wednesday.
The KSE witnessed fluctuation as benchmark KSE-100 Index reversed some initial losses but still faced 25.27-point loss at 31285.46 in mid day trade on Wednesday as compared to 31199.37 of early trade of the same day.
The Index in the mid day gained 25.27 points or 0.08% while the High and Low were 31406.41 and 31189.33 respectively with total volume traded in the market was 34,135,090.
Due to continuous institutional selling, the benchmark KSE-100 Index extended the last session losses in the early trade on and lost 111.36 points or 0.36 percent to reach 31199.37 while the High and Low were 31406.41 and 31191.44 respectively.
Investors have unilaterally decided to ignore all positive triggers. The long anticipated interest rate cut was approved over the weekend. The cut was of only 50bps whereas some were expecting it be 100bps. In the last session, continuous institutional selling had affected market sentiments in spite of a 50bps reduction in policy rate by State Bank of Pakistan
The three top traded companies were Jah.Sidd. Co. with a volume of 4,441,500 and price per share of 15.81 (0.01), United BankXD with a volume United BankXD of price per share of 149.51 (0.50), Nishat Chun.PowerXD with a volume 1,279,000 of price per share of 52.02 (0.54).
The top three advancers were Pak Tobacco with price per share 810.00 (35.00), Pak Services with price per share of 498.02 (23.13) and Abbott Lab. share of 513.32 (13.74).
The top three decliners were Bata (Pak) with price per share of 3258.10 (-171.40), Exide (PAK) with price per share of 1070.00 (-53.00) and Hinopak Motor per share of 908.98 (-28.29).
The High and Low were 31406.41and 31044.08 respectively with the total volume traded in the market of 67,381,810.
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