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Closing: KSE 100-index extends losses by 53pts on bearish trading

Closing: KSE 100-index extends losses by 53pts on bearish trading

 

KARACHI: The Karachi Stock Exchange benchmark 100-index lost 52.89 points or 0.16 percent to reach 33921.96 points and volume of 76,992,780 shares on Thursday.

Although market capitalisation has gone up by a massive 111% over the last three years, total capital listed on the stock exchange has grown by just 11.1% during the same period.

However, privately held companies seem to have become more interested in going public of late. The last fiscal year saw nine new listings on the KSE as opposed to five, four and four listings in the preceding three fiscal years, respectively.

“Bearish activity was witnessed at the KSE amid profit-taking in oil stocks after fall in WTI crude prices near to $46 / barrel,” Ahsan Mehanti at Arif Habib Corporation said.

The KSE 100-share Index declined by 56.93 points, or 0.17 percent, to 33,974.85 points. The index moved both the sides of the fence by 230.64 points between intraday high of 34,127.44 points and intraday low of 33,896.80 points.

On Wednesday, Karachi Stock Exchange’s (KSE) benchmark-100 Index slipped below the threshold of 34,000 points with a drop of 0.17 percent, as investors sold oil and associated stocks on extended decline in the international oil prices.

High and low were 34159.82 and 33917.90 respectively. Total volume traded in the market was 76,992,780 shares.