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Closing: KSE rally falters half way, loses 65.63 points on last trading day

Closing: KSE rally falters half way, loses 65.63 points on last trading day

KARACHI: The Karachi Stock Exchange (KSE) 100-index lost 65.63 points to stand at 30028.53 points on the last day of trading on Friday.

As per details, the market opened with a positive note and added 48 points or 0.16 percent, the tone remained sluggish amid flurry of political developments. The KSE-100 index went down 21.2 points from overnight tally of 30094 points to reach 30073 points in the midday trading and lost 65.63 points to stand at 30028.53points till the closing of market

The highest increase witnessed in price of the Pace (Pak) Ltd, P.T.C.L.A, D.G.K Cement XD, Fatima Fertilizer Company while the Pak Services, Bata (Pak) Limited, Bhanero Tex XD and Wyeth Pak Limited remained the biggest losers of the day.

As a whole 36.86 per cent of companies witnessed increase in their shares while 22.15 per cent lost their share value and 2.15 per cent companies remained stable.

Financial experts were of the view that stocks closed lower amid cautious activity ahead of State Bank of Pakistan’s policy rate decision this week. “Trade remained in second- and third-tier stocks because of the concerns over Rs 230 billion of circular debt in energy sector,” they added.

Meanwhile, the opposition political jirga tested the government’s flexibility by proposing that Prime Minister Nawaz Sharif should announce in advance that he would quit if a judicial commission proves ‘systematic rigging’ in the May 2013 elections.

“The prime minister may state that he will resign from office if systematic rigging is proved and if it is established that he became the prime minister as a result of such rigging following an inquiry by the proposed judicial commission,” read a four-page letter that the jirga sent to Prime Minister Nawaz Sharif, PTI Chief Imran Khan and the PAT Chief Dr Tahirul Qadri.