Bears rule Pakistani stock market amid cash withdrawal rumors

Equities at Pakistan's Karachi Stock Exchange (KSE) fell sharply on Thursday as the investor confidence was jolted by rumors of cash withdrawals from smaller banks.
The benchmark KSE 100-Index slumped by 517.25 points, or 1.63 percent, to 31,239.04.
The KSE All Share Index plunged by 333.22 points, or 1.43 percent, to 22,921.08 points, the KSE 30-Index shrank by 344.95 points, or 1.65 percent, to 20,498.67 points, whereas the KMI 30- Index sank by 890.84 points, or 1.74 percent, to 50,235.82 points.
During Thursday's trading session, the key index touched an intraday high of 31,760.80 points as against an intraday low of 31, 026.30 points.
The Karachi bourse was filled with rumors of cash withdrawal from smaller banks after closure of a bank and its brokerage firm.
Moreover, rising political noise after the return of Dr. Tahir- ul-Qadri and the upcoming Pakistan Tehreek-e-Insaaf-led protest also resulted in profit-taking.
Cement stocks fell after rallying in last few days where Lucky Cement and Dera Ghazi Khan Cement lost over 3 percent.
Market volumes dropped by 28.709 million shares to 253.595 million shares on Thursday as against 282.304 million shares posted on Wednesday, the capitalization lost 105.001 billion rupees (1.050 billion U.S. dollars) to 7.219 trillion rupees (72. 195 billion U.S. dollars), whereas the trading value decreased 4. 536 billion rupees (45.368 million U.S. dollars) to 13.300 billion rupees (133.004 million U.S. dollars).
Among 394 active scrips on Thursday, prices of 310 issues declined, 71 advanced, whereas values of 13 other companies stayed unchanged.
Hum Network XD, Jahangir Siddiqui Company Limited, and Maple Leaf Cement were the top traded companies with turnovers of 26.130 million shares, 22.844 million shares, and 19.385 million shares, respectively.
Rafhan Maize was the top price gainer with an increase of 321. 33 rupees (3.21 U.S. dollars) to 10,421.33 rupees (104.21 U.S. dollars) whereas Colgate Palmolive led the major price shedders with a loss of 89.99 rupees (89.99 U.S. cents) to 1,710 rupees (17. 10 U.S. dollars).