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Closing: KSE loses momentum, closes at 30095.80 points

Closing: KSE loses momentum, closes at 30095.80 points

KARACHI: Karachi Stock Exchange (KSE) 100-index lost 47.97 points to stand at 30095.80 points and volume of 103,676,850 shares on Wednesday, as the market could not sustain yesterday’s gains of 149 points.

Stocks market opened at the overnight closing of 30143 points and consolidated its early rally and benchmark KSE-100 index kept on upwards march to gain 183 points to reach 30326 points, defying all speculations and fears amid various challenges the country is grappling with, in the midday trading.

However, the Karachi Stock Exchange (KSE) 100-index started losing points after midday and ended graph in black with 47.97 loss in points.

The highest increase witnessed in price of the Nishat Mills Ltd with a volume of 5,189,100 and price per share of 122.72 (4.41), B.O.Punjab with a volume 5,170,500 of price per share of 8.07 (0.04), Adamjee Ins. with a volume 4,749,500 of price per share of 47.62 (0.28) while the Nestle Pak. XD with price per share of 7800.00 (-80.00), Colgate PalmoliveXD with price per share of 1500.00 (-20.00) and Shezan Inter per share of 955.00 (-12.99) remained the biggest losers of the day.

Financial experts were of the view that Nishat Mills caught investors’ attention with the stock hitting its upper circuit, due to better-than-expected results declared by the company. “As the government is offering 323 million ordinary shares and global depositary shares (GDS), each representing 10 ordinary shares in OGDCL, market will show positive sentiments in future trading,” they added.

Meanwhile, the political stalemate continued to prevailing in the country as Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan and Pakistan Awami Tehreek (PAT) Chief Allama Dr Tahirul Qadri stuck to their demand for the resignation of Prime Minister Nawaz Sharif. Both the PTI and PAT have been encamped in Islamabad for the fast more than a month, protesting against what they called “worst rigging in May,2013 general elections.”