Political noise affects KSE 100 index momentum

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Amanullah Khan

Karachi

The KSE 100 Index currently experiencing a correction spell for the last three trading session faceted yet another fall of 550 points but the loss was recovered to some extent. However, the index closed in red with a drop of 485 points at 45979 levels at the end of the session.
The heightening of political noise and an outburst of political rallies and public meetings naturally had an impact on the market sentiments as the investors are waiting for the political as well as market direction in the days to come, hence the participation of the foreign investors was quite negligible.
It may be noted that the index went as high as 45517 in the trading trading but finally closed at 45979 amid a low market volume of 205 million all shares, although the falling oil prices had an impact on oil based stock yet the Pakistan State Oil has posted a thumping profit earnings of over Rs 18 billion.
Despite low market volume the Summit Bank was again the volume leader of the day with a trade volume of 27 million shares to its credit. The other two volume leaders were K Electric and TRG with trade volumes of 17 million and 16 million shares to their credit respectively.
Overall view of the market was tilted towards the losers as the shares of 276 companies were on the losing side while stocks of only 80 companies maintained to close in green.

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