Political chaos pushes down KSE Index

Amanullah Khan

Karachi

Causing uncertainty the continued political chaos weighs heavily on KSE 100 Index which again plunged by 170 points to close in red at 41983 levels on Tuesday.
Although the declining stock prices offer investment attraction for the potential market players to reap a good yield when the market returns to normalcy however the cautious investors preferred to sit on the fence waiting or the right time to invest. The notices issued against some brokerage houses were also one of the reasons for the sluggish market activity.
However, the market volume of 217 looked a little bid improved on the back of positive rally of corporate results. The index however continued its downward momentum.
According to market analysts the prevailing bearish spell could direct index towards weekly lower Bollinger band which is at 41,800 or even below that levels.
Meanwhile the Azgard nine was the volume leader of the day with a trade of over 15 million shares to its credit. The other two volume leaders were including Aisha Steel and Sui Southern Gas Companies with trade volumes of 14 million and 11 million shares to their credit respectively.
The majority of the listed stocks of over 243 companies were the losers in today’s session.

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