KARACHI (December 17 2008): Heavy selling pressure continued at the Karachi share market on the second day after the removal of the price floor and the benchmark KSE-100 index lost another 372.51 points to close at 8,444.59 points level on Tuesday. Over 100 million shares of blue chip stocks remained available for sale at KATS, which, could not traded due to the absence of buyers.
The market started in the negative and the index was down by 307.03 points at the end of the session. After readjustment as per the Karachi Stock Exchange rule, the index was declared down by 372.51 points. Trading volume at the ready market increased to 25.360 million shares as compared to 17.863 million shares traded a day earlier. The future market witnessed an activity of 3,500 shares after many days.
The overall market capitalisation declined by Rs 109 billion to close at Rs 2.593 trillion. Trading took place in 150 scrips, out of which 130 scrips closed in the negative and 17 in the positive while the value of three scrips remained unchanged.
Zeal Pak was the overall volume leader of the day with 9.639 million shares and gained Re 0.11 to close at Re 0.50. KESC closed at Rs 1.81, up by Re 0.01 with 3.208 million shares. Dewan Salman lost Re 0.80 to close at Rs 1.14 with 2.157 million shares.
PIA declined by Re 0.95 to close at Rs 2.25 with 1.344 million shares. Telecard lost Re 0.76 to close at Rs 1.94 with 1.106 million shares. Pak PTA Limited decreased by Re 0.28 to close at Rs 1.90 with 1.046 million shares. IGI Investment Bank lost Re 0.92 to close at Rs 2.08 with 1.027 million shares. Nimir Ind Chemical gained Re 0.03 to close at Rs 1.18 with 0.999 million shares. Flying Cement lost Re 0.99 to close at Rs 2.33 with 0.949 million shares. Unity Modaraba closed at Re 0.25, up by Re 0.01 with 0.568 million shares.
Jubilee Spinning and Zephyr Textile were the highest gainers and gained Re 1.00 and Re 0.84 to close at Rs 3.00 and Rs 2.39 respectively while Unilever Pak and Pak Engineering were the worst losers and lost Rs 111.15 and Rs 16.13 to close at Rs 2111.85 and Rs 306.56 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that uncertainty prevailed as the rupee lost strength against the dollar on foreign outflow from capital markets and rising economic disorder. Investors remained concerned over Sindh High Court decision with respect to CFS outstanding contracts and fate of CFS Financiers/Financee. Falling Index levels and rising mark to market losses remained a concern for stock brokerage houses.
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