Lacklustre trading activities prevailed unabatedly at the Karachi stock market on Wednesday as the economic turmoil and tight monetary policy of SBP remained a concern for investors, analysts said.
The Karachi Stock Exchange (KSE) 100-share index remained unchanged at 9,187.10 points. However, the KSE 30 index shed 23.12 points and closed at 9958.81 points as compared to 9981.93 points of the previous session. The KMI 30 index also remained unchanged at 11,224.18 points respectively.
The market turnover lost 108.12 percent and traded 0.041 million shares as compared to 0.197 million shares traded in the previous session. The overall market capitalisation declined by 0.07 percent and traded Rs 2.818 trillion as against Rs 2.820 trillion traded in the previous session. Out of 17 companies, two closed in the positive zone, six in negative while nine remained unchanged.
Analysts said that the depressed activities are expected to continue, as the bailout funds would take time for the IMF approval.
KSE’s proposal to lift floor on Dec 8 and funds arrangement to bailout the market failed to boost investors’ confidence as they wait for the outcome of various proposals sent to the SECP by the KSE’s management.
They said flag of hope came to half mast as reply to the proposal of ‘unfreezing’ from the final authority IMF is still awaited and a handful of optimists are losing the spirit as the views from the privileged (having access to the ultimate developments) suggest delay.
In the off market transactions, it was a healthy atmosphere, but the buyers were hard to find even at extended discounts, thus indicting that incase of further delay in regular opening the blue chip stocks will be trading at the rates of ‘peanuts’.
The only option left to restrict unprecedented decline is to completely shut down the operations at the KSE and give sufficient time to the authorities to address the likely threats on opening.
Pak Com Leas was the volume leader in the share market with 0.085 million shares as it closed at 56 paisas after opening at 56 paisas with no change in its value.
Habib-ADM traded 0.085 million shares as it closed at Rs 9.36 after opening at Rs 9.74 losing eight paisas. Pak Datacom Ltd traded 0.058 million shares as it closed at Rs 51.31 after opening at Rs 51.41 shedding 10 paisas.
Sitara Energy Ltd traded 0.50 million shares as it closed at Rs 20.52 after opening at Rs 19.62 gaining 90 paisas. Colony (Thal) traded 0.02 million shares as it closed at Rs 3.25 after opening at Rs 3.25 with no change in its value.
Like previous sessions, futures market continued to remain static as no activity was witnessed during the session.
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