Panama episode plunges KSE Index by 1855 points

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Amanullah Khan

Karachi

The political noise over appearance of PM before JIT dragged the KSE-100 Index down steeply by over 1855 points to close in red below47679 levels here on the first trading session of the week on Monday.
The persisting volatile conditions over jit hearing on PANA case had an impact on market volume which closed at a low level of 219 million shares amid depressed market activity. Amid a stagnant market activity the volume leader of the day was Power(R) with a trade volume of 26 million shares to its credit while the second volume leader of the day was the Bank of Punjab-R with a trade volume of 15 million shares.
The World Call was the third volume leader with a trade of 13 million shares to its credit amid a trade situation where the stocks of only 32 companies were the gainers while remaining shares of 339 companies were the losers and the stocks of 12 companies remained unchanged. Although the international oil prices rose slightly in the previous session after traders taking on large volumes of long positions after prices have fallen by more than 10%. However, the physical market remains bloated, especially after Baker Hughes, on Friday, reported a rise in U.S. oil rigs count by 8rigs, making a total of 741 rigs.

Meanwhile the Moody’s and World Bank”s positive comments on Pakistan’s economy, the Sindh government allocatuib if Rs2 billion in subsidy for tractor may have a positive impact on the market sentiments.

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