LAHORE: The fear that crawled everyone’s mind finally became a reality as KSE100 hit 12 months low to 39,478.05. Amidst political insecurity and instability, investors went on a selling spree after the National Accountability Court’s hearing against the ousted prime minister and his family was adjourned until October 19. Sharif family is not the only ones in hot waters, leaders of the opposition party are also being questioned by the courts in various matters.
Foreign investors were net buyers again on Thursday according to data compiled by the National Clearing Company of Pakistan. With foreign corporates buying a net $ 4.98 million, foreign investors have put in $ 10.33 million in 10 trading sessions until October 12.
The KSE 100 index sunk down to the lowest level in twelve months, 39,478.05 when it lost 759.48 points. It recovered half losses to end the week down 390.75 points at 39,846.78. This is a 3 per cent loss in the week. The KMI 30 index depreciated 1,406.00 points during the session and settled lower by 576.22 points at 66,250.48. The KSE All Share Index lost 328.55 points to reach 28,697.22. A total of 90 scripts only could advance and 255 declined.
The market volumes were recorded at 153.82 million against last sessions 137.99 million. K-Electric Limited (KEL -2.22 per cent) led the volume chart for yet another session with 13.36 million shares exchanged. The scripts have laid off around 8 per cent during the week after the National Electric Power Regulatory Authority approved multi-year tariff for the company.
Maple Leaf Cement Factory Limited (MLCF -4.66 per cent) was next on the chart with 8.12 million shares traded. The script has taken a 10.39 per cent dip in five sessions. TRG Pakistan Limited (TRG -2.52 per cent) was third on the chart with a volume of 7.95 million.
A surprise for investors came in from the commercial bank and oil and gas exploration sector both of which added to its market capitalization on this bleeding day. Pakistan Oilfields Limited (POL 3.19 per cent) gained today again taking its one week return to a positive 9.70 per cent.
