KARACHI – The Karachi Stock Exchange lost early gains in mid day trading on Wednesday as the 100-Index plummeted to 33657.37 points by losing 143.74 or 0.43 percent after uncertainty prevailed in the market perhaps due to the issuance of SBP quarterly report.
The report says that “overall trade deficit increased by US$ 1.6 billion in Q1-FY15, compared to the same period last year.” The High and Low were 33913.20 and 33645.25 respectively while the total volume traded in the market was 71,479,980. The trade deficit increase was partly compensated by US$ 765 million increase in home remittances during the quarter.
The uncertainty prevailed in the market as the KSE-100 index closed 4.67 points in green at 33,801 level. The oil sector rallied nominally as the international crude oil prices reached over $62 a barrel, with OGDC gains 0.52pc) and POL up by 0.97pc closing in the green.
The cement sector remained upbeat today as the Government announced that the previously announced low-cost housing units will be constructed on fast track basis, this news triggered investors buying in the sector with FCCL appreciates by 0.98pc and KOHC rose by 0.93pc rallying. Star performer of the day was HUBC increased by 3.89pc as the company announced that it will setting up a new coal based power plant under a joint venture, observed analyst Arhum Ghous.
