KARACHI: Market dipped on Thursday on back of plummeted world stocks and over the deteriorating conditions of the city makes investors to remain under cautious mode. Furthermore, tumbled global stocks left foreign investors cautious.
The KMI 30 share index nosedived by 78.86 points to close at 20,761.16 points as against 20,840.02 points, the closing figure of the last trading session.
Selling pressure on back of aggravated law and order conditions and tumbled global equity markets push investors to offload their holdings. Any financial announcement of high scrips can rebuild the momentum in the market. Market could be dull today unless positive news comes in the air.
Institutional buying in first tier scrips including POL and Lucky Cement averted a steep fall in prices. Oil, cement and banking sector were stable which attracted local and foreign institutional investors to invest in these stocks. Profit taking seen in blue chip companies.
KMI 30 index witnessed some recovery in volume on Thursday 19.476 million shares were traded as compared to 16.810 million shares traded in the last session.
According to data compiled by National Clearing Company of Pakistan Limited (NCCPL), foreign institutional investors were net buyers of Rs169 million worth of shares during the trade session.
Lotte Pakistan stood as the volume leader among Halal stocks with 4.931 million shares traded; the script shed Rs 0.07 in value ending the day at Rs 11.69 after opening at Rs 11.76. It was followed by Hub Power Co (HUBCO) with 2.329 million shares traded; the scrip lost Rs 0.04 in value to close at Rs 39.00 after opening at Rs 39.04. Fauji Fertilizer Bin Qasim (FFBL) recorded trade of 2.009 million shares; down by Rs 0.03 to end at Rs 46.07.
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