KARACHI: Political uncertainty due to Imran Khan and Tahirul Qadri’s sit-ins, widening of gulf between MQM and PPP and profit-taking by shareholders caused 6th consecutive bearish rally at KSE-100 on Tuesday, losing another 16.85 points to close at 29694.27 points. The benchmark 100-Index almost lost 689 points in 6 straight days, in a rarely witnessed bearish spree.
The benchmark KSE 100-Index took a good start on Tuesday and gained 142 points to reach 29853.55 level with the total volume of 16,142,400 shares but could not sustain the trend and started losing points with the passage of time.
Till midday, 100-Index gained 73.37 points to reach 29784.49 points with the total volume of 32,154,400 shares.
At the end of day, the highest increase witnessed in price of the Pace (Pak) Limited, P.T.C.L.A, D.G.K Cement XD and Fatima Fertilizer Company, while the Pak Services, Bata (Pak) Limited, Bhanero Tex XD and Wyeth Pak Limited remained the biggest losers of the day.
As a whole 26.78 per cent of companies witnessed increase in their shares while 32.40 per cent lost their share value and 2.64 per cent companies remained stable.
High and Low were 29928.22 and 29640.34 respectively. Total volume traded in the market was 71,040,950 shares.
Financial experts were of the view that MQM’s decision of quitting Sindh coalition government has added fuel in the continued political turmoil in the country, which has gripped the stock markets and the index witnessed negative trend during almost the whole last week and first two days of current trading week.