KARACHI: The Karachi stock market failed to sustain previous session’s bullish sentiment and closed in the red zone on Friday as investors went for profit-taking on account of political uncertainty over Pakistan People’s Party’s (PPP) decision to form its own government in the Punjab.
Analysts said that the index failed to capitalise initial gain of 63 points due to prevalence of uncertainty among investors.
The Karachi Stock Exchange (KSE) 100-share index decreased by 100.64 points or 1.56 percent to close at 6,340.36 points as compared to 6,441.00 points traded in the previous session. The KSE 30-share index also shed 148.88 points and closed at 6,831.32 points as compared with 6,980.20 points of the previous session. KMI 30 index lost 184.46 points to close at 8,789.70 points as against 8,974.16 points of the previous session.
The market turnover went down by 19.96 percent and traded 221.52 million shares as compared to 276.79 million shares traded in the previous session. The overall market capitalisation also fell by 1.64 percent and closed at Rs 1.914 trillion as compared with Rs 1.946 trillion traded in the previous session. Out of total 359 companies, 106 closed in positive zone, 243 in negative, while 10 remained unchanged.
Analyst at JS Global Sec, Farham Mahmood said that profit-taking by investors kept the equity market in the red zone as huge foreign selling was witnessed during the trading session.
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