Karachi stock exchange slumps 0.81% ahead of eid holidays

Equities at Pakistan's Karachi Stock Exchange (KSE) recorded major bearish activities in a dull session as investors stayed sidelined ahead of the Eid-ul-Adha holidays. The benchmark KSE 100-Index slumped by 0.81 percent or 175.61 points to close at 21,599.78 points on Monday when compared with 21,775.39 points recorded on Friday. The KSE All Share Index declined by 0.61 percent or 95.82 points to end at 15,740.57 points, the KSE 30-Index fell by 1.23 percent or 203.39 points to conclude at 16,290.83 points, whereas the KMI 30-Index shed 0.72 percent or 265.09 points to finish the day at 36,768.32 points on Monday. The Karachi Stock Exchange started the opening trading session of the week on a bullish note where the main index hit an intraday highest level of 21,815.40 during initial trade. However, the trends reversed completely as foreign investors as well as the local institutions resorted to sell big ahead of the long holidays which will see the top Pakistani bourse close down for three days from Tuesday to Thursday before opening for the final session of the week. The continuous selling by institutions forced the main index to give away the psychological 21,600 levels and at one stage it hit the lowest level of the day of 21,596.11 before closing at a striking distance of the psychological barrier. Sui Southern Gas Company, Askari Bank, Hub Power Company, Fatima Fertilizers and First National Equities were among the few bullish scrips of the day. On the other hand, Fauji Cement, Pakistan Telecommunication Company Limited, Bank of Punjab, Pakistan International Airlines, Telecard Limited, National Bank of Pakistan, Pakistan State Oil, Pakistan Petroleum Limited, Dera Ghazi Khan Cement and Maple Leaf Cement did enough damage to the market sentiments to make the key index close in the red territory. The market volumes shrank by 30.565 million shares to 61.977 million shares, the market capitalization dropped by 40.928 billion rupees (389.798 million U.S. dollars) to 5.154 trillion rupees (49.093 billion U.S. dollars), whereas the KSE trading value dipped by 1.612 billion rupees (15.356 million U.S. dollars) to 2.056 billion rupees (19.590 million U.S. dollars) on Monday. In broader market, a total of 310 companies changed hands during the course of trading on Monday where prices of 176 issues declined, 107 advanced, whereas values of 27 other scrips stayed unchanged at previous week's levels. Sui Southern Gas Company was the top traded company of the day with volume of 11.313 million shares, followed by Pak Elektron(R) and Fauji Cement XD with turnovers of 3.916 million shares and 3. 708 million shares, respectively. Indus Dyeing was the top price gainer of the day with increment of 19.07 rupees (18.16 U.S. cents) to close at 969.07 rupees (9.22 U.S. dollars) while on the other hand, Wyeth Pakistan Limited led the major losers with decrement of 50 rupees (47.61 U.S. dollars) to finish the day at 4,200 rupees (40 U.S. dollars).