Bears dominate as KSE 100 index sheds 164 points

KARACHI: After a volatile day yesterday, the KSE-100 index on the Pakistan Stock Exchange declined on Wednesday to close at 41,603.71 points.

The bourse failed to maintain the upward trajectory and shed 164.95 (-0.39%) in intra-day trading. The indices reached the highest level at 41,920.62 points and a low point at 41,389.60 points. The total volume of scripts was valued at 182.8 million valued at Rs10.3 billion.

Meanwhile, KSE-30 index closed at 19,010.03 after witnessing a decrease of 76.30 (-0.40%). The bourse opened at 19,013.38 points. The total volume of scripts was estimated at 103.96 million.

It was a rough day for stocks as many top active performers saw a decline in share prices. Among the top active stock, Bank of Punjab (2.54%) and Hascol (0.40%) saw a positive trend. Other active stock Unity Foods (-2.51%), Fauji Foods (-3.27%), KEL (-2.37%) followed by OGDC (-3.15%), and PPL (-2.56%).

The top advancers were Dewan Textile (41.41%), Summit Bank (11.61%), SERF (8.43%), SME Leasing (8.08%), BRR (7.98%) followed by Dandot Cement (7.92%) and FTMM (7.69%).

Yesterday remained a volatile day as the stock market was affected by political developments. The Pakistan Stock Exchange reacted strongly over the news that former president General retired Pervez Musharraf was sentenced to death in the high treason case.

The KSE-100 index shed over 500 points in the first session of intra-day trading before it regained control. The bourse witnessed an overall increase of 123.78 points (0.3%) and closed at 41,768.66 points.

The index has dropped to intra-day low by 619 points but the efforts of traders tried to calm the market, making some recovery. Insurance companies and individuals were major buyers while banks and brokers lightened the portfolio.