KARACHI: The KSE-100 Index after falling by 303.19 points or 0.93 percent in the early trade on Wednesday bounced back, recovered some initial losses and reached 32503.47 points from 32263.40 till mid day trading of the same day.
In the early trading, the Karachi Stock Exchange witnessed bearish activities with shares price falling continuously in early trade as the the KSE-100 Index had plummeted to 32263.40 points with huge fall of 303.19 points or 0.93 percent due to proposed gas tariff hike, expected SBP rate cut, foreign selling and profit taking.
Even after recovering the losses, the index still lost 63.12 points or 0.19 percent from the last session closing level. The High and Low were 32604.10 and 32198.87 respectively while the total was 64,859,050.
Likely negative impact of expected raise in gas tariff next month on fertilizers, cement and textile sector stocks led the bearish rally at KSE despite strong economic outlook on expected approval of IMF $522 tranche this month on improving economic performance.
Volume was 132m shares as compared to last 3 months average daily volume of 250m shares. Likewise, value traded also stood low at Rs7.5b/US$76mn versus last 3 month average of Rs14b/$140mn.
Analysts said that it had some objections with few local brokers regarding their net capital balance that determines their capacity to trade in the market. As a result, overall participation has reduced in the market.
