NAB investigation rumours make stocks lose 193 points

Pakistan Stocks opened on positive note with relatively decent volumes on Thursday, however, reports regarding the National Accountability Bureau’s (NAB’s) investigation of industrialists and businessmen pushed the index to close negative.

The Karachi Stock Exchange (KSE)-100 index lost 193.49 points to close at 33,152.07 points as compared to 33,345.56 of the previous session. The KSE-30 Index shed 212.30 points and closed at 20,076.74 points against 20,289.04 points of the last closing.

“Pakistan equities ended the day negative after a volatile session. The stocks opened the gap as participants tracked the regional markets while the index heavy oils also landed support after recent sharp surge in the international crude. The Index gained 390 points during the day, however the market failed to sustain the upward drive as mid day rumours on broker/businessman investigations jolted the participant’s confidence again,” said Elixir Securities’ analyst Faisal Bilwani.

Bilwani expects the market to take cues from the resulting outcome of Thursday’s meeting of US Federal Reserves. Any favourable decision on the interest rates would bring the regional markets back into action and would likely restore the volumes at KSE, he added.

Habib Metropolitan Financial Services’ analyst Kumail Chevelwalla said the KSE-100 index witnessed a sea saw ride, opening in a positive zone while ended lower as the investors opted to book profits in late afternoon particularly in the blue chip stocks.

“We expect the market to remain tumultuous as FED decision looms, while investigations against top industrialists will further sour the investor’s sentiments,” said Chevelwalla.

The market volume increased to 182.831 million shares traded as compared to 104.043 million shares traded in the previous session. Trading value at the local bourse rose to Rs 9.115 billion against Rs 4.936 billion of the previous session. Out of 383 scrips, 159 scrips advanced, 199 scrips declined while the value of 25 scrips remained unchanged.

The KMI-30 index declined by 201.59 points to close at 55,260.83 points as compared to 55,462.42 points of the previous session.

The KSE all-share index went 128.37 points down to close at 23,222.06 points as compared to 23,350.43 points of the previous session. Byco Petroleum was the volume leader in the market with 20.451 million shares as it closed at Rs 25.29 followed by TRG Pak ltd with trading of 10.497 million shares and closed at Rs 32.23. Pace (pak) Limited traded 9.656 million shares and closed at Rs 6.85.

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