Bears took complete control at the Karachi share market as the benchmark KSE-100 index lost another 165.65 points and closed below 15,000 level at 14,956.82 points on Friday. The KSE-30 index also declined by 148.49 points to close at 18,010.92 points level.
"Market participants remained cautious due to grim political situation over the reinstatement of judges and opted to offload their holdings," analysts said. The market started on a positive note and the KSE-100 index hit 15,196.78 points intra-day high level, 74.31 points, however, selling pressure pushed the index in negative zone to reach at 14,914.40 points intra-day low level, down by 208.07 points.
Trading activity remained thin as the ready market volume declined to 201.015 million shares as compared to 219.379 million shares traded on Wednesday. The futures market turnover fell to 56.923 million shares against 66.573 million shares previously.
The overall market capitalisation declined by Rs 49 billion to Rs 4.585 trillion. Trading took place in 352 scrips, out of which 205 scrips closed in negative and 129 scrips closed in positive while the value of 18 scrips remained unchanged.
BoP was the overall market volume leader with 19.688 million shares, however lost Rs 2.00 to close at Rs 58.00. In the other banking sector stocks, MCB performed well and gained Rs 6.88 to close at Rs 421.88. Bank Alfalah increased by Rs 0.62 to close at Rs 55.70.
Pak PTA Limited gained Rs 0.44 to close at Rs 5.60. Arif Habib surged by Rs 0.71 to close at Rs 183.96. Engro Chemical also remained active and gained Rs 2.75 to close at Rs 331.80. Nishat Mills declined by Rs 0.40 to close at Rs 130.60. TRG Pakistan lost Rs 1.00 to close at Rs 8.95. Pervez Ahmed decreased by Rs 2.66 to close at Rs 91.99. DG Khan Cement closed at Rs 107.47, down by Rs 1.73.
Siemens Pakistan and Shezan International were the highest gainers and gained Rs 35.00 and Rs 18.27 to close at Rs 1685.00 and Rs 383.67 respectively while Unilever and EFU General Insurance were the highest losers and lost Rs 59.99 and Rs 33.50 to close at Rs 2400.00 and Rs 636.50 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that the market witnessed selling pressure after ending of March result announcement session. The oil prices fell in international markets near to $112 per barrel, which invited selling in the relevant stocks.
Investors concerned over political uncertainty on reinstatement of judges issue was a major issue, which forced the market participants to offload their holdings. Economic numbers for trade deficit, inflation and current account deficit also affecting investor sentiments negatively.
Hasnain Asghar Ali at Aziz Fidahusein Securities said that the onslaught continued as the absence of market movers never allowed the commitment wall to resist the inflow both from the local as well as from the foreign front.
The index breached the psychological 15,000 points level with low volumes, absence of buyers however restricted the sellers, reduction in intensity therefore allowed the index to retrace itself, technical breather thereafter allowed the index to crawl back above 15,000.
The news of withdrawal of duty concession to the refinery sector and that the competition commission have found evidence of cartelisation by cement manufacturers never allowed the rumour of strategic buyout in MCB Bank to have an impact.
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