Market loses 14,000 level; down 311 points

LAHORE - The rupee on Monday lost its value further, causing panic selling on the floor of Karachi Stock Market. Hence, the market witnessed another devastating day, as the benchmark 100-index breached its psychological support of 14,000 and slumped by 2.19 per cent or 311.35 to close at 13,921 level, after hitting the low of 13,859.62 points.

Dealers said that political situation was cloudy, halting the inflow of foreign investment. While, economic indicators have also turned negative and they are exerting pressure on market.

Tariq Khurshid, Executive Director, First Pakistan Securities, said that technically market was expected to hold the level of 13800 points otherwise it would lose five hundred points further. Analysts do hope early recovery.

Another analyst from Live Securities observed that recent explosion in Mardan also aggravated this situation as volumes in the intra-day decreased by 26.2 per cent or 44.36 million to stood at 124.8 million share.

Free-float index (KSE-30) performed even shoddier as it lost 502.77 index points to close at 16,379.82 levels.

On the other side of the picture, increasing external liabilities and considerable reservations in the coming budget affected scrips across the board. However all-time tested scrips such as AHSL, NML and FFBL lured cautious investor at the lower level hence those scrips closed at the top of the volume leaders with 8.53 million, 6.82 million and 6.38 million shares respectively. Banking sector despite being the volume leader with 24.4 million shares was the main culprit in the downslide of index as MCB, NBP and UBL, cumulatively shed 88.87 index points. Moreover, Investment Banking remained a distant second 18.86 million shares.

In the broad market 350 scrips were traded out of which 266 declined, 72 advanced while 12 remained unchanged.

Around two dozens scrips including PAKRI, PIL, EFUG, EFUL, IGIIL, SSGC, JOVC, PASL, JSCL, IFSL, JSIL, MLCF, AACIL, HCAR, ANL, GENP, ATRL, NML and NBP closed at their lower lock. Even in this massive decline SNBL and KOHP closed limit up. Market in continuation of last week trend opened 20.04 points minus at 14212.85 points but came out of red territory immediately. Climbing up it went to 14258.02 points high and that was its day high too. After hitting day high market resumed bearish trend which got intensified with passage of time. Market came in the strong grip of bears and they played havoc.

The Lahore Stock Exchange market closed marginally up from its low minus 99.61 points at 4309.44 points. Out of 109 traded scrips only 8 managed to close with plus signs while 61 scrips closed in minus column and 40 remained unchanged. Volumes went down further and 11.116 million shares were traded. BAFL kept top position in volumes with traded volumes of 1.964 million shares and closed rupees 1.25 down.