KARACHI - The Karachi stock market witnessed panic selling across the board on Thursday on renewed foreign selling, led by blue-chip oil stocks.
The KSE 100-index decreased 1.47 percent or 174.09 points to close at 11187.88 levels, KSE-Allshare Index lost 1.44 percent or 113.08 points to finish at 7755.65, KSE-30 Index slumped 1.47 per cent or 152.39 points to end at 10206.75 while the KMI-30 Index fell 1.46 percent or 297.73 points to finish the day 20117.40 levels.
The experts are of the view that disappointment due to Zin Block discovery was the main reason behind to remain in red zone.
Looser beat the gainers as trading took place in 291 stocks where price of 116 issues decline, 85 advanced, while the value of 90 companies remain intact.
Arif Habib Company SD was the top traded company of the day with the trading of 3.351 million shares in its scrip, followed by the Lotte PAkPTA, Fauji Fertilizer Bin Qasim, Fauji Fertilizer and National Bank with the turnover 2.096 million, 2.014 million, 1.730 million and 1.667 million shares respectively.
Nestle PakistanXD was the highest price gainer of the day with an increment by Rs10.71 to close at 3201.36 while UniLever Pakistan Limited led the looser of the day and lost Rs171.32 to end the day at Rs5226.10.
Rising political uncertainty after judicial commission issues memo case notices to country’s top leadership and gas supply shortfall for major power, fertilizer and industrial units played a catalyst role bearish sentiment ahead of corporate earning announcements due next week, said Ahsan Mehanti Director Arif Habib Investment in his analysis.
Investors remained cautious ahead of announcement expected on pending CGT issues at KSE. Positive data on single digit CPI inflation at 9.7pc YoY in the country supported the market to close above session lows, he added.
APP adds: Karachi Stock Exchange (KSE) has asked all the listed companies to submit complete list of their shareholders as at December 31, 2011, as soon as possible but not later than January 31, 2012.
According to KSE notice here Thursday, the list of shareholders, required under Listing Regulation No. 21(2) of the Exchange, must contain name of the shareholder, address and number of shares held. KSE warned that the company shall be liable to pay Rs. 1,000 per day for each day in case of failure.