KSE Fell 390 points as local, foreign investors off load

The Karachi stock exchange showed the declining tendency driven by foreign selling on Monday. It is estimated that local business is not getting affected due to this slanted tendency. The stock exchange lowers down in day trading by 790 points, thus, most of the shares get down due to this effect. Meanwhile the entrepreneurs took the charge and help the stock exchange to regain its lost position somehow by the end of the day in an attempt to strengthen the forex rates.

It is reported that Karachi stock exchange Benchmark 100-share index lost 1.69%or 390.57points by the end of the day. The KSE benchmark 1900- index is closed on 22, 7013 point level. Meanwhile the trade volume shows high tendency up to 232 million shares in comparison with Thursday total of 199 million shares. The stock exchange was closed on Friday. Market is always under the dust of rumors. There were rumors of increase in interest rate that led its charges on the market. It furthers pull the hands of the investors thus killing the KSE trading day to lost 790 points before it getting improved.

At the first day of the week bearish trend has dominated the stock exchange when KSE 100 index was closed at 391 points. Selling was started in bourse when Engro foods touch the lower ground at the beginning of the day, reported analyst. The stock market has lost 1.600 points since the beginning of the new business year.

By taking an overview over the stock market intraday, 338 companies have participated in trading on Monday. By the end of the day 71 companies’ stocks gone higher and 236 companies showed the declining position over their stocks. Thus 31 remain stagnant. The total value of the shares operated all the day was worth Rs. 10.13 billion. The oil and gas sector showed a stable position, the exploration giant oil and gas Development Company closed in black due to its forthcoming dividend business news. 

The announcement regarding dividend is expected today thus attracting the local buyers to take special interest in its stock purchase. Pakistan oil fields and Attock refinery following the same trend and showing full year dividend expectation also, thus make every possibility of increase in stock value.

Fauji cement was the cheer leader with 24.17 million shares, loses the value of its stock Rs.0.79 and finish at Rs. 14.97.followed by Bank of Punjab with 14.73 million shares by losing its stock value of Rs0.61 to close at Rs12.67 and Maple Leaf Cement with 14.61 million shares shows a rising trend Rs0.06 to close at Rs29.75. Foreign institutional investors were buyers of Rs1.07 billion and sellers of Rs851 million, according to data maintained by the National Clearing Company of Pakistan Limited. However at the start of the week, confusion is prevailed throughout the day, thus causing of decline of stock market thus affecting the currency exchange rates.