KARACHI: The Karachi Stock Exchange lost 177.88 points or +0.89 percent to reach 31316.96 points and volume of 115,756,480 shares on first day of trading, Monday.
Earlier, the Karachi Stock Exchange climbed up to 31567 points and set the pace for trading, keeping the investors’ confidence afloat. However, despite positive note, it lost half of its gains to decline to 31530 points.
The market opened at the weekend closing of 31494.52 points and seemed confident, gaining momentum to march upwards.
Stocks remained steady and positive in its journey to rescale its historic high of 32,000 points, although it lost half of its early gains, the benchmark KSE 100-index sustained 35 points to stay at 31530.43 points till midday trading.
As a whole 19.64 per cent of companies witnessed increase in their shares while 35.19 per cent lost their share value and 2.62 per cent companies remained stable.
High and Low were 31615.59 and 31303.10 respectively. Total volume traded in the market was 115,756,480 shares.
This sent shivers down the spines as the huge amount had the propensity to pull the entire market down to pit.
Efforts by brokers and other participants to assuage investors’ fears and calm the market proved futile.
After the SECP confirmation about the settlement of KSL outstanding trades in ready and future markets, experts hope that the market will remain positive and will be able to surpass its all-time high level.
It is to be noted that the KSE-100 Index lost momentum and plummet from its historic high 32,000 points over the KASB securities issue.
Analysts and experts are optimistic about the bullish trend in the market, hoping that the market would rescale its all-time high soon.