KARACHI: The Karachi stock market did not show any change in its index on the last trading day of the week Friday as most of the investors stayed away from the ring on increase in discount rates and investors’ increasing concerns over uncertainty regarding floor unfreeze and government’s bailout plan of Rs 50 billion, analysts said.
The Karachi Stock Exchange (KSE) 100-share index remained unchanged at 9,184.09 points. The KSE 30 index and KMI 30 index also remained stable at 9,981.93 points and 10,003.99 points respectively. The market turnover went down to 13.63 percent and traded 0.57 million shares as compared to 0.66 million shares traded in the previous session. The overall market capitalisation remained unchanged at Rs 2.827 trillion. Out of 24 companies, five closed in the positive zone, five in negative while 14 remained unchanged.
Analyst at Aziz Fida Hussein and Company Husnein Asghar Ali said the likely impact of unasked doubts expressed by S&P rating agency over the likely stabilisation programme, was neutralised by the timely statement by the adviser to PM on finance, who reaffirmed the early claims that in near future the nation would receive billions of dollars from various donor institutions and economies.
Hopes of unfreezing have seemingly tarnished as the meeting held on Thursday has reportedly ended without any conclusion, however to keep the sensation, regarding unfreezing, modalities and date for the special session alive, yet another unconfirmed news of a meeting amongst officials engulfed the arena, meeting is said to be scheduled for Friday and then the next would be held on the 18th.
The only logic that could be established with the date is that the outcome of friends meeting and its support in reducing the pressure on unfreezing of the local bourses would be discussed. Analyst at Shahzad Chamdia Securities Ahsan Mehanti said investors await outcome of board of directors meeting with SECP to discuss market floor condition while foreign selling continued as downgrading of Pakistan foreign currency rating was decreased by a foreign credit rating agency.
National Assets was the volume leader in the share market with 0.14 million shares as it closed at 50 paisas after opening at 42 paisas making a financial gain of eight paisas. Mukhtar Textile traded 0.11 million shares as it closed at 54 paisas after opening at 53 paisas making a financial gain of one paisa.
No trading activity was observed in the futures market.
No comments:
Post a Comment