ROUNDUP: KARACHI BOURSE FALLS AMID UNREST IN PUNJAB

ROUNDUP: KARACHI BOURSE FALLS AMID UNREST IN PUNJAB

Equities on Pakistan’s Karachi Stock Exchange (KSE) recorded major bearish activities on Tuesday after clashes in Lahore dampened sentiments and investors resorted to selling their positions, while lower participation by financial institutions at end of month also weakened moods.

The benchmark KSE 100-Index fell by 1.1 percent, or 326.44 points, to 29,324.60 points on Tuesday, as against 29,651.04 points recorded on Monday.

The KSE All Share Index declined by 1.07 percent or 235.47 points to 21,711.74 points, the KSE 30-Index slumped by 1.02 percent or 206.92 points to 20,170.75 points, whereas the KMI 30- Index plunged by 1.02 percent or 487.91 points to 47,152.79 points.

During Tuesday’s trading session, the key index touched an intraday high of 29,787.99 points, as against an intraday low of 29,296.46 points.

Earlier in the day, a police action against students of a religious seminary in Lahore resulted in killing of at least eight people while 70 others including a cop were wounded. The clashes further intensified during the day, which had a negative impact on the country’s top bourse.

Trading volume improved by 23.95 million shares to 153.54 million shares, turnover swelled by 645.10 million rupees (6.45 million U.S. dollars) to 7.48 billion rupees (74.75 million U.S. dollars), whilst market capitalization reduced by 75.22 billion rupees (752.17 million U.S. dollars) to 6.94 trillion rupees (69. 36 billion U.S. dollars).

Among 350 actives Tuesday, prices of 258 declined, 71 advanced, whereas 21 other companies stayed unchanged.

Byco Petroleum, Fauji Cement, and Lafarge Pakistan were most heavily traded, with volume at 20.86 million shares, 7.25 million shares and 7.19 million shares, respectively.

Pakistan Tobacco led price gainers by rising 31 rupees (31 U.S. cents) to 1,391 rupees (13.91 U.S. dollars), whereas Bata Pakistan led major decliners by falling 143.09 rupees (1.43 U.S. dollars) to 3,200.91 rupees (32.01 U.S. dollars).