On Tuesday, the Karachi Stock Exchange’s benchmark 100-index was lower by more than 50 points but it maintained its level above 17,000 mark, while a selling pressure amid a profit taking was witnessed in the market. The KSE-100 index was down by 51.37 points about 0.30%, to 17,004.89 points against to 17,056.36 points posted in the last session. The index during the intraday session hit to its high level of 17,124.32 points, while a low level posted at 16,984.43 points whereas the KSE-30 index declined by 35.33 points, or 0.25%, to 13,896.33 points in the session.
Zafar Moti, senior member of the KSE, told that News “No buying orders from institutes were seen as they remained sidelined. Despite, a decline market will further a positive trend as there was not major decline. The level of 17,000 points maintained, that posed a good sign.”
Along with the index, the turnover and value were slump. the turnover was down by 81 million shares to 189.49 million shares from 270.77 million shares whereas the value was down to Rs5.13 billion against Rs6.90 billion posted in the last session.
Samar Iqbal, the equity dealer at Topline Securities (Pvt) Ltd., said “No major surprise in the yields of Attock group and Lucky Cement pushed the investors to take profit above the key 17,000 mark.”
Shakir Padela, analyst at JS Global, said: ”The index starting the trading session in the positive mode that was not able to sustain its high as the profit taking witnessed after the major results announced to excite the investors due to the prevailing political uncertainty in the country.” he said.
Hasnain Asghar Ali, a chief operating officer of Escorts Capital, said after attaining another historic high the benchmark underwent an intra-day technical adjustment, led by off-loading in exploration and production stocks, wherein post result squaring stayed the popular reason for bearish spell.
The shares turnover in the futures market dropped to 8.980 million shares from 22.98 million shares traded in the previous session. The total of 328 companies’ stocks traded, 127 gained, 183 lost and 18 closed flat.