KARACHI: The Karachi Share Index (KSE-100) lost 26.14 points in the last trading hours owing to border tension in Azad Jammu and Kashmir (AJK) and continuous ceasefire violation by the Indian Army at Line of Control (LoC), the analysts claimed that the market was stable throughout the day on Friday.
KSE-100 closed down by 26.13 points (0.06 per cent) after closing at 43,740.56 points against the previous closing of 43,766.69 points. The market went up 43,958.38 points during intra-day trading, while recorded as low as 43,638.04 points.
Trading volume decreased to 482.62 million shares today as compared to 497.56 million traded in the previous session, according to PSX website data. The daily traded value increased to Rs 23.725 billion from Rs 22.548 billion in the previous session, the data said.
According to the market analysts, the market was range-bound throughout the day, the benchmark KSE-100 Index was smoothly advancing during intraday trading but the last hour news of ceasefire violation at LoC suddenly pushed it down. The Indian Army once again violated the ceasefire on LoC and hit a UN vehicle in the Pakistani area.
The analyst believed, “the sentiments were good and economy data of Foreign Direct Investment was heading towards stability.” In addition to this, there was an increase in the selling of oil marketing companies.
However, the index was driven by the selective interest in Technology, Bank, power sector, foods and Textiles.
Pakistan Refinery remained on the top of share’s turnover chart as its 38.071 million shares were traded while Fauji Foods Ltd was on 2nd highest share trade with 31.500 million shares. Similarly, K-Electric 28.6 million shares were traded.
Rafhan Maize after gaining Rs 300 closed at Rs 9,300 while Indus dyeing was 2nd highest gainer of Rs 33 after closing at Rs 553.00. Meanwhile Sapphire Textile was the top loser of Rs 84.67 today after closing at Rs 1,044 meanwhile Sapphire Fiber lost 42.98 after closing at Rs 918.02.