Political turmoil scathes Karachi bourse

Xinhua News Agency

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Pakistan's Karachi Stock Exchange (KSE) remained under pressure due to political turmoil in Karachi while uncertainty regarding the Federal Reserve's rate move also kept investors wary.

The benchmark KSE 100-Index declined by 0.88 percent or 290.69 points to 32,757.82 points on Monday when compared with 33,048.51 points reported on Friday.

The KSE All Share Index dipped by 0.92 percent or 211.10 points to 22,707.71 points, the KSE 30-Index trimmed down by 0.83 percent or 160.27 points to 19,230.83 points, the KMI 30-Index sank by 0. 85 percent or 469.02 points, whereas the Islamic All Share Index depleted by 1.02 percent or 156.57 points to 15,239.12 points.

During Monday's trading session, the key index shed over 550 points at one stage and travelled in a southward trail of 551.09 points as it hit an intraday high of 33,048.51 points as against an intraday low of 32,497.42 points.

Pakistani equity market failed to bear the burden of political tension in Karachi where the provincial government failed to decide on provision of extension of power to Pakistan Rangers for an anti-corruption operation in Sindh province.

Market volumes deflated by 23.61 percent or 44.667 million shares to 144.518 million shares on Monday when compared with 189. 185 million shares posted on Friday.

Market capitalization reduced by 0.93 percent or 64.520 billion rupees (632.552 million U.S. dollars) to 6.885 trillion rupees (67. 507 billion U.S. dollars) while on the other hand trading value slimmed down by 6.89 percent or 541.633 million rupees (5.310 million U.S. dollars) to 7.315 billion rupees (71.725 million U.S. dollars).

Among 323 active scrips on Monday, prices of 236 issues headed southward, 71 managed to stay northward, whereas values of 16 other companies stayed unchanged at previous week's levels.

Sui Southern Gas Company, Bank of Punjab, and TRG Pakistan Limited were the top traded companies with turnovers of 22.347 million shares, 14.144 million shares, and 9.854 million shares, respectively.

Exide Pakistan was the top price gainer with increment of 44.80 rupees (43.92 U.S. cents) to 967.59 rupees (9.48 U.S. dollars) while on the other hand Bata Pakistan led the major price shedders with decrement of 140.09 rupees (1.37 U.S. dollars) to 3,300 rupees (32.35 U.S. dollars).