Global selloff dents Pakistani stocksHome > News and Events  > Industrial 

Global selloff dents Pakistani stocks

The resonance of a global selloff was felt on Pakistan's Karachi Stock Exchange (KSE), which fell by over 300 points to give away the historical 27,000-point mark on Monday amid sluggish trading.

The benchmark KSE 100-Index plummeted by 1.23 percent, or 332. 29 points, to 26,670.60 points on Monday, as against 27,002.89 points recorded Friday.

The KSE All Share Index retreated by 1.14 percent or 231.01 points to 20,071.39 points, the KSE 30-Index slid by 1.5 percent or 293.92 points to 19,307.68 points, whilst the KMI 30-Index slumped by 1.54 percent or 687.1 points to 44,029.61 points.

During Monday's session, the key index hit an intraday high of 27,051.49 points, as against an intraday low of 26,586.17 points.

After heavy selloff, some support came in from institutions at lower levels.

Major selling was reported in index heavyweights like Oil and Gas Development Company, MCB Bank, Engro Corporation, Pakistan Petroleum Limited, Nishat Mills Limited and Pakistan State Oil.

Slightly heavy future rollover position in Engro Corp., NML and PSO also contributed to the selling spree.

Trading volume reduced by 9.82 million shares to 230.02 million shares, turnover declined by 1.36 billion rupees (12.96 million U. S. dollars) to 8.39 billion rupees (79.89 million U.S. dollars), while capitalization shrank by 75.26 billion rupees (716.77 million U.S. dollars) to 6.55 trillion rupees (62.36 billion U.S. dollars).

As per the figures released by the National Clearing Company of Pakistan Limited (NCCPL), foreign investors did net buying of 3.1 billion rupees (29.50 million U.S. dollars) on the top Pakistani bourse by Jan. 24, 2014.

Among 423 active scrips Monday, prices of 269 issues declined, 143 advanced, whereas 11 others stayed unchanged.

Media Times Limited, K-Electric, and Pak Elektron Limited were most heavily traded, with trading volume at 18.07 million shares, 14.31 million shares, and 10.82 million shares, respectively.

Nestle Pakistan led advancers by rising 292.54 rupees (2.78 U.S. dollars) to 11,418.25 rupees (108.74 U.S. dollars), while Rafhan Maize Products posted the sharpest decline, falling 395 rupees (3. 76 U.S. dollars) to 7,505 rupees (71.47 U.S. dollars).