KARACHI: Karachi Stock Exchange (KSE) 100-index gained 45.78 points to close at 28911.03 points despite the confusion still prevailed in the Red Zone after the cancellation of talks between PTI and PML (N) committees.
Financial experts were of the view that there will be no prediction about future stocks till the situation normalized in the capital where Imran Khan and Tahirul Qadri are holding sit-ins demanding the resignation of Prime Minister Nawaz Sharif. However, they thought, foreign participation will keep local investors optimistic and benchmark expected to remain close to green.
The stock with a start of 28865.2 points gained 156 points in first forty minutes but for next five and half hour it goes down simultaneously fluctuating around the green line. It is also important to notice that a stock from 12 PM to 2:30 PM remains unchanged on a straight line losing 25 points.
The total trading volume of market remained 37,291,520shares on Friday. The real estate investment sector shares witnessed a turnover of 19.6 per cent, chemicals sector 15.3 per cent, commercial banks 8.1 per cent and telecommunication sector’s turnover was 9.6 per cent.
The highest increase witnessed in price of the Pace (Pak) Ltd, P.T.C.L.A, D.G.K. Cement, Fatima Fertilizer Co while the Pak Services, Bata (Pak) Limited, Bhanero Tex and Wyeth Pak Limited remained the biggest losers of the day.
As a whole 25.45 per cent of companies witnessed increase in their shares while 19.50 per cent lost their share value and 2.48 per cent companies remained stable
The economic analysts said that impact of prolonged protests will be devastating for already suffering economy. “If the political situation remained the same the stock will also witness the fluctuation as the investor will be cautious while trading” they added.
They said that the market may lose in future as the political situation entered in a deadlock with both the protesting political parties and the government remaining at loggerheads.
