Declining crude prices force market close below 38K KSE-100 Index sees another bearish session closing lower by 880 points
Ghulam Raza Rajani
KARACHI: Market carriedon from where it left the previous day seeing another bearish session. An across the board selling was seen as more than 79 per cent of scrips ended in red zone. Declining global crude prices kept oil sector under pressure. Foreign selling too played its role in market decline. Rumors of further rupee devaluation forced local to stay on backfoot this resulted in depressive end of the week.
The benchmark KSE- 100 index closed lower by 880.37 point to close at 37,517.93 points. KSE All Share Index decreased by 450.57 to end at 27,767.45, KSE 30- Index dipped by 510.45 points to conclude at 18,256.91, whereas KMI 30- Index
Se # 3 Page 7 declined by 1,852.12 points to finish the day at 63,401.60 level.
The advance to decline ratio in the broader market remained in favor of bear. Out of 363 scrips, 60 scrips advanced, 288 declined while the value of 15 scrips remained intact.
The ready market volume increased by 0.602 per cent to 135.4150 million shares as compared to 134.6044 million shares traded on last trading day.
TRG Pakistan Limited topped the list of actives, lowered by Rs 1.18 at Rs 22.54 on 10.04 million shares, followed by KElectric Limited increased by Rs 0.10 at Rs 5.21 on 8.86 million shares and Engro Polymer & chemical Limited declined by Rs 0.75 at Rs
Foreign 29.36 on 8.70 million shares.
Other actives were Pakistan Elektron Limited descended by Rs 1.22 at Rs 23.99 on 4.87 million shares and Aisha Steel Mills Limited dipped by Rs 0.70 at Rs 10.10 on 4.66 million shares.
The overall market capitalization decreased by Rs 181.14 billion to Rs 7.705 trillion against Rs 7.886 trillion observed on last trading day.
Rafhan Maize Pakistan Limited and Millat Tractors Limited remained the top gainer by Rs 108.00 and 17.29 to close at Rs 7,299.00 and Rs 972.81 respectively, while Island Textile Mills Limited and Bata Pakistan Limited was the major loser which lost Rs 86.94 and Rs 65.22 to close at Rs 1,651.94 and Rs 1,640.78 respectively.