Karachi stocks slump 18 points on bomb blast in Quetta

KARACHI: The Karachi stock market closed the week on Friday in the negative zone, as investors were concerned over limited foreign interest in blue chips and deadly suicide bomb blast in Quetta, which claimed scores of precious lives.

The Karachi Stock Exchange (KSE) 100-share index shed 18.26 points or 0.17 percent to close at 10,659.21 points as compared to the previous session’s 10,677.47 points. The KSE 30-share index closed at 10,876.61 points with a gain of 10.77 points. The KMI 30 closed at 16,079.33 points with a surge of 10.17 points.

Analysts said that the market opened on a positive note but rising circular debt in the energy sector and limited expectations of early approval of leverage product were the reasons for the negative activity.

The market turnover went down by 49.07 percent and traded 206.49 million shares as compared with the previous session’s 405.45 million shares. The overall market capitalisation was down by 0.13 percent and traded Rs 3.017 trillion as against Rs 3.021 trillion of the previous session. Out of total 385 companies, 166 closed in the positive zone, 194 in negative and 25 remained unchanged.

“Bearish trend in regional markets also resulted in some profit-taking in later hours,” said Topline Sec analyst Farhan Seth. “Second-tier stocks like World Call, NIB Bank, TRG Pakistan etc, despite leading the volumes, closed in the red zone.”

“Despite expectations of early release of the next International Monetary Fund’s tranche and unanimous approval of the 18th Amendment by the Senate, the market witnessed selling activity,” said Shahzad Chamdia Sec senior analyst Ahsan Mehanti.

“Turnover in the second-tier stocks stayed thin as compared to previous sessions, keeping the overall turnover to 50 percent to that recorded a day earlier along with decline in value of traded shares,” said Aziz Fida Husein and Co analyst Husnein Asghar Ali. The KSE 100-share index opened in the green zone with a gain of 25.04 points and at the end of the day closed at 10,659.21 with a loss of 18.26 points.

WorldCall Telecom was the volume leader with 27.59 million shares as it closed at Rs 5.11 after opening at Rs 5.18, losing seven paisas. NIB Bank traded 11.34 million shares as it closed at Rs 4.83 from its opening at Rs 5.10, shedding 27 paisas. TRG Pakistan traded 10.93 million shares as it closed at Rs 5.47 as compared to its opening at Rs 5.69, decreasing 22 paisas. Nimir Ind Chemical traded 9.31 million shares as it closed at Rs 2.55 as against its opening at Rs 2.52, gaining three paisas. staff report