31.5pc value lost as KSE loses another 193 points

LAHORE - Continuation of losing spree remained intact even on the third business week on Monday after the removal of floor when the dilapidated Karachi Stock Exchange went further down as KSE bourse had lost 192.85 points and wrapped up at 6294.67 tumbling another 2.97 percent - meaning the market has lost about 31.5 percent of its value and made the market to lose nearly a third of its value in just two weeks.
The market has been melting down since December 15, when regulators removed a "floor" on the benchmark index imposed in August to stop such colossal losses to investors and brokers.
The tumbling KSE-100 shed 192.85 points to close at 6,294.67 on Monday came down under 6,500 points first time where 83 scrips recorded gain, 113 landed in the negative column and 5 scrips remained unchanged out of a total of 201 companies.
As usual the bourse opened in the negative zone and remained under selling pressure throughout the business session. Volume was at 61.4 million shares " an improvement over Friday's trade, but less than a quarter of the 250 million shares traded daily last year.
Senior analysts believe that market would see improvement only if support fund is introduced within coming few days.
It seems that there is an autumn season prevailing in Karachi Stock Exchange market while analysts are opined that only government bailout could stem the heavy losses.
The removal of floor has proved to be a bad omen for markets, which was imposed in August to redress the grievances of brokers and traders. But the fact is that these brokers are now at the verge of bankruptcy as they haven't sufficient money in their respective accounts to pay off their liabilities. If the losing spree in markets remained continue, these brokers would very soon declare to be defaulters.
Some of brokers and traders are of the view that government should unveil its oft-promised 20-billion-rupee (250-million-dollar) bailout package as early as possible in order to boost the confidence of the traders and brokers. It is pertinent to note that International Monetary Fund (IMF) recently awarded Pakistan a 7.6-billion-dollar credit line to help stave off a balance-of-payments crisis and had granted permission to pour support fund out of the tranch but concerned authorities are still undecided how and when to pour supporting funds.
On Monday at KSE, volumewise leader remained NIB Bank shares.
On the other hand, Lahore Stock Exchange (LSE) remaining lacklustre saw the LSE-index shedding 73.43 points and wrapped up at 1652.08 points.
At KSE, NIB Bank was the leader volumewise on Monday which lost gained its value of Re 0.73 closed at Rs 4.99 with volume of 6,851,500 shares followed by Zeal Pak which also gained Re 0.04 closed at Re 0.58 with volume of 3,608,500 shares.
While Nishat Mills Limited, Dewan Cement and Fauji Fertilizer Ltd landed in negative columns and lost Re 0.16, Re 0.11 and Rs 3.16 closed at Rs 23.69, Rs 3.23 and Rs 60.11 with volumes of 3,443,500, 3,024,000 and 2,583,100 shares respectively. Hub Power, TRG Pakistan and Maple Leaf Cement gained their values of Re 0.17, Re 0.09 and Re 0.28 closed at Rs 14.55, Rs 2.25 and Rs 4.37 with volumes of 3,440,000, 3,218,000 and 2,281,500 shares respectively. Fauji Fert Bin Qasim and Engro Chemical lost their values of Re 0.20 and Rs 5.62 closed at Rs 13.61 and Rs 106.87 with volumes of Rs 1,990,000 and 1,718,800 shares respectively. Pak PTA Limited, Fauji Cement and Pakistan Cement gained their values of Re 0.01, Re 0.08 and Re 0.18 closed at Rs 1.90, Rs 5,05 and Rs 3.19 with volumes of 1,676,500, 1,557,000 and 1,405,000 shares respectively.
Meanwhile, the KSE-30 index also dipped down and shed 270.33 points wrapped up at 6014.39 points while KMI-30 index also tumbled detaching 251.91 points closed at 7250.78 points.
While in Lahore Stock market, NIB Bank remained leader volumewise on Monday where 20 scrips recorded gains, 34 losses and 47 remained unchanged. The turnover of LSE-25 witnessed upward trend and 4,607,200 shares were traded as compared to 5,812,100 shares on Friday.
NIB Bank gained its value of Re 0.74 closed at Rs 5.04 with volume of 943,000 shares followed by MLCF which also gained Re 0.33 closed at Rs 4.48 with volume of 4,93,500 shares. Whereas ZELP also gained Re 0.05 closed at Re 0.63 with volume of 474,500 while NML lost its value of Re 0.25 closed at Rs 23.60 with volume of 458,900 shares.