KARACHI: The KSE-100 index closed negative after losing 13.53 points during the second session of this week, but the analysts termed it as political uncertainty and the announcement from the Pakistan Democratic Movement (PDM) members to resign from the assemblies. The market opened positive in the morning but later it declined.
The Karachi Share Index (KSE-100) went down by only 13.53 points (-0.03 per cent) after closing at 42,101.78 against the previous closing of 42,115.31 points. The market went up to 42,233.23 points during intra-day trading, while recorded as low as 41,946.55 points.
Trading volume slightly improved to 409.7 million shares today as compared to 380.4 million traded in the previous session, according to PSX website data. The daily traded value increased to Rs 18.5 billion from Rs 17.9 billion in the previous session, the data said.
According to AKD analyst, there was continuous volatility in the market. The market searched the direction today as the sentiments have softened this week in the face of heightening political noise as the PDM members dleiberating to submit resignation in the assemblies and the worsening virus trend in Pakistan.
The market opened on a positive note today, but went down mid-day, the analyst claimed. However, despite the market finding support at lower levels driven by a selected interest in cement, steel and financial, broad based profit-taking was witnessed which weighted down market sentiments.
Stocks that contributed significantly to the volumes include MLCF, FFL, TRG, HASCOL and UNITY as they formed 29% of total volumes.
Stocks that contributed positively to the index include MLCF (+19pts), UBL (+14pts), ENGRO (+13pts), ISL (+11pts) and MCB (+10pts). Stocks that contributed negatively include PPL (-19pts), FFC (-15pts), SYS (-14pts), PSO (-14pts) and SEARL (-13pts).