KSE dips most in 17 weeks after global equities fall

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KARACHI, Jul 27: Karachi Stock Exchange (KSE) recorded the steepest fall in 17 weeks on Monday as local investors followed international equity markets decline while the rollover week also turned the sentiments negative.

The benchmark KSE 100-Index slumped by 1.79 percent or 639.71 points to 35,175.49 points on Monday when compared with 35,815.20 points recorded on Friday.

The KSE All Share Index declined by 1.76 percent or 439.48 points to 24,518.15 points, the KSE 30-Index fell by 1.67 percent or 370.83 points to 21,820.68 points, whereas the KMI 30-Index plunged by 2.07 percent or 1,218.58 points to 57,642.48 points.

During Monday’s intraday trade, the key index touched an intraday high of 35,889.53 points as against an intraday low of 35, 140.43 points.

Pak Elektron Ltd, Engro Corporation, and Dera Ghazi Khan Cement were the worst-hit stocks as they declined in the range of 2.3 percent to 3.8 percent.

Moreover, falling international crude oil prices affected the index heavyweight oil stocks where the Oil and Gas Index fell 2 percent.

Market volumes depleted by 27.15 percent or 212.649 million shares to 570.682 million shares on Monday as against 783.331 million shares posted on Friday, the capitalization reduced by 1. 58 percent or 121.756 billion rupees to 7.591 trillion rupees, whereas the trading value decreased by 17.75 percent or 2.742 billion rupees to 12.706 billion rupees.

Among 389 active scrips on Monday, prices of 324 issues slipped, 52 managed to advance, whereas values of 13 other companies stayed unchanged at previous week’s level.

Silk Bank(R), Telecard Ltd, and Pace Pakistan Ltd were the top traded companies with turnovers of 66.660 million shares, 25.600 million shares, and 24.806 million shares, respectively.

Colgate Palmolive was the top price gainer with increment of 50 rupees to 1,650 rupees while on the other hand Nestle Pakistan led the major price shedders with decrement of 100 rupees to 10,500 rupees.

 

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