KSE closes in black after five successive bearish days

The KSE was recovered after the impending threat of attack on Syria, during the day it just try to complete the loss. Earlier part of the day KSE observed a buying trend. Karachi stock exchange benchmark 100-share index has been raised from 83.80 points to 808.48 today after the impending fears of attack on Syria. Market bears five consecutive days the bearish trend. It was only the fear of strike on Syria. Market suffers low market volume of 149 million due to the U.S expected airstrike on Syria. But thanks to the heaven it did not happen in anyway. The market shows great upward trend when the news of attack on Syria is faded away. 359 companies has taken part in market activity, by the end of the day 181 companies closed did great business and 131 have experienced decline in their share value while 45 remained unaffected. While the gold prices in Pakistan remain unaffected. The shares traded during the day worth Rs. 5.9 billion.

Faisal Bilwani of Elixir Research stated that “Pakistan equities closed green after five consecutive negative sessions with a bounce back mainly in index names on institutional buying. Stocks traded volatile with KSE100 testing 22k, however selling at highs pushed stocks down to close with trimmed gains.” He further added that “Pakistan Telecom (PTC PA +5%) led the show hitting upper lock on interest following hopes of progress on 3G license auction while Lucky Cement LUCK PA also gained and traded against sector direction despite ambiguity over cement pricing and capacity utilization going forward.” Thus these are the healthy signs for open market currency in Pakistan.

“The KSE index continued with its bearish trend by opening negatively, however interest in good dividend yielding stocks ended the day for KSE-100 Index in the green. Major shift in sentiment was believed to be due to an ongoing visit by the prime minister to Karachi in order to improve the law and order situation in the city” Said Adeel Jafri of JSGlobal.Trade volume was contracted as compared to Monday tally that was 180 million shares. Bank of Punjab was the leading bank which traded its shares worth 16 million and gained Rs.0.14 that is ended on Rs. 12.02. Fauji Cement was the second leading company which did good trading worth Rs. 13 million shares and gained Rs.1.02 and is clos4ed at the value of Rs 24.32. Followed by National Cleaning Company of Pakistan Limited the foreign investors did the net selling of Rs. 214 million.