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Karachi stock market sheds 222 points on political uncertainty
 
 
 
Karachi stock market sheds 222 points on political uncertainty

KARACHI
Political uncertainty and rupee instability played a catalyst role in bearish activity at Karachi Stock Exchange and 100-index declined by 0.56pc.
KSE benchmark 100-share index misplaced 222.03 points or 0.77 percent to end the trading at 28630.12 points compared to 28852.15 points of the previous day.  Analysts said stocks closed bearish on cautious note on institutional profit taking after revolution marchers plan to derail government announcing country wide sit-in and PTI resignations from National and Provincial assemblies. Above expected financial results of Hubco and NBP supported the index to close above session lows, he added.  KSE-Allshare index shed 190.86 points or 0.90 percent to stop the day at 20923.11 points, KSE-30 index off by 97.05 points or 0.48 percent to finish the session at 19973.99 points while KMI index reduced by 180.57 points or 0.39 percent to finish the day at 46538.70 points.  The day turnover of market in term of shares was 144.735 million shares after opening at 116 million shares and the value of traded shares was fell to Rs 6.264 billion from Rs 7.338 billion. The capitalisation of the market maintained at Rs 6.698 trillion compared to Rs 6.760 trillion of the previous day. 
Trading took place in 355 companies where 81 closed in green and 260 in negative while the value of 14 stock remained intact. Nestle Pak and Rafhan Maize were the biggest price losers of the day decreased by Rs 385 to Rs 7315 and Rs 380 to Rs 10120. Shezan Inter and Exide (PAK) were the top price gainers of the day up by Rs 43 to Rs 943 and Rs 33.34 to Rs 700.27.
Samar Iqbal equity dealer at Topline Securities said uncertainty on political scene continues, equities remained depressed. HUBC, BAFL and NBP announced their better than expected June quarter results.  Active list was topped by JS Bank Ltd with 12.354 million shares as it closed at Rs 4.87 after opening at Rs 4.77. Maple Leaf Cement was the second highest on volume chart with 11.239 million shares shed by Re 0.30 to Rs 26.71. It was followed by Lafarge Pak with 9.842 million shares added Re 0.05 to Rs 15.26, Bank Al-Falah with 7.561 million shares up by Re 0.29 to Rs 27.29 and Bank of Punjab with 7.501 million shares extended by Re 0.06 to Rs 7.96.

 
 
on epaper page 8
 
 
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