Stock market gives back gains after blasts

By: Sadiq Rizvi | Published: June 13, 2009

KARACHI - Karachi Stock Exchange faced selling pressure during second session on Friday and lost 32.48 points to close at 7,059.48 level as the news of suicide attack on Jamia Naeemia hit the market.
The KSE-100 index remained in green zone during the first session but landed into red zone when news of bomb explosions in Lahore and Noshehra were put on air.
Generally, all financial markets tread either side ways or gave a muted session before the final days of the budget and KSE-100 index was no exception.
Low volumes and an index movement within a band of 100 points was the theme of the day.
The KSE-100 index kicked-off the day with a gain of 37.28 points but was unable to sustain the positive note, closing 32.48 points down at 7,059.48 points. Jobbers, punters and day traders were seen in blue-chip stocks, which then helped the bourse in generating mediocre volumes. Institutions and long-term individual investors preferred to be on the lines till the budgets interpretation and impact is understood on the micro and macro levels of the economy. Economic managers and market pundits are expecting a neutral budget, with no major taxes to be levied on the already taxed economy. However, being under the IMF programme, it would be a dash difficult to deduce what may transpire on the budget day.
Trading activity was slightly higher from the last trading session as the market turnover increased to 125.791m shares against last trading session’s 114.036m shares. Total trading value of the stock market came down to Rs5.034b as compared to Rs6.278b.

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