Political uncertainty leads to 330 points slump in KSE-100 Index

KARACHI: Bulls managed to extend their hold at the Pakistan Stock Exchange (PSX) for the second day on support from positive news from the industrial sector and news of inflow of funds from the World Bank. However, some negative news from the security front led to profit taking at the later part of the day that limited the Index below 47,500 levels.

The Karachi Share Index (KSE-100) ended the day with 10.97 points (0.02 per cent) up at 47,491.47 points against the previous closing of 47,480.50 points. The market went as high as 47,595.72 points during intra-day trading while as low as 47,443.88 points.

Trading volumes moved up to 508.28 million shares today as compared to 496.8 million shares during the previous trading day, while the daily traded value declined to Rs16.04 billion from Rs16.24 billion in the previous session, the data said.

The share prices were at the levels where fresh buying became attractive and the news that indicated the release of funds by the World Bank to Pakistan helped the market regain momentum, traders and analysts further added.

Pakistan is likely to receive a $400 million loan from the World Bank in August, according to the sources. The Economic Affairs Division (EAD) officials have contacted World Bank officials recently to disburse $400 million by next month.

The share price of Exide Pakistan increased by Rs41.64 to Rs596.91, while Indus Motor Company gained Rs38.38 to Rs1,240.23. On the other hand, Unilever Foods lost Rs121 today to close at Rs16,349 while Philip Morris Pakistan lost Rs50.38 to close at Rs970.25.

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