Karachi Stock Exchange Thursday witnesses 'record Low'
Pakistan Times Business & Commerce Desk

KARACHI: Karachi Stock market now known for fluctuations recorded record low on Thursday.

The KSE-100 index plummeted by a record 231 points (3.5%) to the 6426 point level. Major scrips including PTCL, OGDC, POL, HUBCO, FFBQ, D G Khan Cement, Lucky Cement, PGF, BoP, SNGPL, SSGC and PPL all closed at their lower circuit level. While the gas supply interruptions in Balochistan are cited to have triggered the slide of the market.

In reality it was the heavily overbought position and massively huge carryover values that can be termed responsible for the crash. KESC was the only major stock to remain positive, rising by 16.2% on privatization developments.

Sentiments were pretty depressed Thursday as a large number of weak holders were unable to rollover their positions.

A positive development in the evening session was however the government’s seeking fresh Expression of Interests (EoIs) for PSO’s sell-off.

The market players have a feeling that the new development for privatization of PSO is likely to inject some spark in this stock, though doubts were still there over the sustainability of any ensuing rally.

Trading volumes at 704 million shares were on the lower side compared to the last two days, which indicates that weak holders remain largely present in the market – a sign of weakness however moves forward.

Equities in Lahore stock market received severe battering on Thursday as LSE-25 index plunged by 107.14 points to close at 3127.34 from Wednesday’s 3234.48.

According to dealers, the news about possible move by Securities and Exchange Commission of Pakistan (SEC) to increase the exposure limit and the situation in Sui dampened the business activity in the stock market.

The total turnover also corresponded to the downward trends in the stock market by coming down to 95.682 million shares against yesterday’s 151.729 million.

Of 84 active scrips traded on Thursday, only one could move up, 48 shed value while another 35 remained equal.

Karachi Electric Supply Corporation (KESC), Attock Refinery Limited and MACPAC Films Limited were the major gainers of the day while Pakistan State Oil Company Limited, Fauji Fertilizer Company and Pakistan Industrial Credit figured high on negative column.

Pakistan Telecommunications emerged as volume leader of the day, followed by Oil and Gas Development Company Limited and National Bank of Pakistan.●