KSE declines 8 points as the uncertainty in Pak-US relations continues
Wednesday, October 26th, 2011 9:09:11 by Asma Rafique
KSE declines 8 points as the uncertainty in Pak-US relations continues
The Karachi share market remains depressed as the uncertainty in Pak-US relations persists. With a decline of eight points, the market closed in the red zone on Tuesday, October 25 as the offshore participants off-load their holdings following tough message to Pakistan by US Secretary of State Hillary Clinton.
The KSE-100 Index opened up at 11525.25 points and ended at 11,517.29 points after losing 7.96 points. The KSE-30 Index on the other hand, shed 5.79 points to close at 10,896.20 points.
Ahsan Mehanti, a director at Arif Habib Investments told the media reporters that the investors are concerned over the ongoing war of words between Pakistan and United States, which the investors fear can lead to a war on militants.
Overall, shares of 333 companies were traded on Tuesday. Out of the 333 companies, 106 advanced while 128 declined. Shares of 99 companies remained unchanged.
Profit-taking was observed in the fertiliser stocks. Following the advances in the fertiliser stocks the index reached the highest level of the day, 11,671 points. Fatima Fert Co was the volume leader with 10.02 million shares.
“Investors remained concerned over uncertainty in the Pak-US relations after tough message to Pakistan by the US secretary of state to act with US-led war on militants,” said Ahsan Mehanti.
“Cement and fertilizers prices were high, while uncertainty between Pakistan and US relationship dampened the investor sentiment,” said Arif Habib Investments Ltd Director Ahsan Mehanti.
Samar Iqbal, a dealer at the Topline Securities said that after foreign selling last week investors preferred to book profit at higher levels.
Faisal Bilwani, an analyst at Elixir Securities, said that the equities closed trading with thin volumes, despite galore of quarterly announcements.
“Since political and geo-political environments are likely to stay volatile, extreme movements will continue to provide sector and stock swapping opportunities,” said Aziz Fida Husein adding, “companies exposed to various visible threats in the economy can be looked for offloading on strength, while consistent dividend paying and growth reporting companies will continue to prove safe haven for the equity market specific funds.”
Short URL: https://www.newspakistan.pk/?p=1621
Posted by Asma Rafique
on Oct 26 2011. Filed under Latest News, Pakistan.
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