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Weekly review: KSE loses 462.6 points in weeklong trading

Weekly review: KSE loses 462.6 points in weeklong trading

KARACHI: The Karachi Stock Exchange (KSE) 100-index has lost 462.6 points in the weeklong trading, as it opened at 34908.47 points on Monday and closed at 34443.87 points on Friday.

The Karachi Stock Exchange benchmark 100-index gained massive 439.94 points or 1.29 percent to reach 34466.53 points and volume of 249,086,480 shares on the first day of trading on Monday.

The drastic cut of 100 basis points in the interest rate by the State Bank of Pakistan strengthened the Karachi Stock Exchange as the benchmark 100-index increased to 34443.31 points by gaining 416.72 or 1.22 percent till the mid day trading.

An expert says that although fiscal deficit had been contained, the expected shortfall in the revenue of the Federal Board of Revenue and higher security-related expenditures were still challenging the government efforts to meet the trade deficit. “The containment of fiscal deficit is encouraging and bodes well for credibility of policies and continuation of official and private capital inflows,” he said.

The high and low were 34589.28 and 34026.59 respectively while the total volume traded was 249,086,480.

On Tuesday, the KSE 100-index gained 71.92 points or 0.21 percent to reach 34538.45 points with volume of 255,712,480 shares.The high and low were 34626.87 and 34383.03, respectively while the total volume traded was 255,712,480.Falling interest rate brought renewed interest in high dividend yielding and leveraged stocks.

The KSE 100-index lost 151.59 points or 0.44 percent to reach 34386.86 points and volume of 162,991,660 shares on Wednesday.

KSE-100 Index continued its losing spree as negative change reached 125.33 points till the mid day on Wednesday touching 34413.12 as compared to the total points of 34499.06 in the early trading of the same day when it had lost 39.39 points or 0.11 percent.A KSE investor said “Some textile shares recorded growth for a few months, but after rupee appreciation textile sector share’s demand declined again.

The Karachi Stock Exchange benchmark 100-index gained 21.87 points or 0.06 percent to reach 34408.73 points and volume of 162,991,660 shares on Thursday.The benchmark KSE-100 index appreciated by 39.88 points or 0.12 percent to reach 34426.74 points and volume of 70,641,280 shares till mid day trade on Thursday.

The KSE 100-index gained 35.13 points or 0.10 percent to reach 34443.87 points and volume of 274,973,170 shares on Friday.The high and low were 34620.53 and 34348.23 respectively while the total volume traded was 274,973,170.

Positive impact of lower interest rates on high leveraged Engro, falling fuel costs and coal prices on cement sector played a catalyst role in positive sentiments at KSE, as per a market watcher. Earlier, the bourse witnessed a volatile session with lackluster volumes due to the political unrest. The trade remained thin amid shutdown strike call by MQM.