Karachi Stock Exchange-100 index declined by 42 points
Pakistan Times Business & Commerce Desk

KARACHI: The negative momentum stemming out of freezing of badla at Rs12 billion continued to persist even on Tuesday affecting the index eventually to close at 42 points down after depicting immense volatility.

The KSE-100 index closed at 7512 points, marginally above the crucial 7500 support and recovering from the 7457 points intra-day low.

Sentiments were somber on prospects of increase in NSS rates. Moreover, plummeting share values reflected the unhappiness of investors regarding the limited accessibility of financing for leveraged investments.

SECP’s decision to suspend the phase-out of badla financing fell short of market participants hopes that COT and margin financing would be allowed to run simultaneously. PPL closed limit down on rumors that its offshore drilling activities have not been successful. POL was the victim of profit taking, declining Rs5.80.

Leading plays; OGDCL, NBP and PSO posted decreases at Rs0.60, Rs0.90 and Rs1.55 respectively. Decliners outpaced advancers by a ratio of 1.54 to 1.0. Surprisingly, PTCL was in the positive zone, gaining Rs0.80. FFBL closed marginally higher on favorable anticipations in its forthcoming half-yearly results. From a trading perspective.

app add:Bears further consolidated their position in Lahore stock market on Tuesday as LSE-25 index shed another 29.6 points to close at 3763.98 from Monday’s 3793.58.

The total turnover also corresponded to the declining trends by coming down to 32.924 million shares against yesterday’s 37.046 million, showing a decrease of 4.126 million.

Of a total of 73 active scrips traded on Tuesday, only 12 could move up, 27 shed value while another 34 remained unchanged.

ICI Pakistan Limited, Pakistan Industrial Credit and PICIC Commercial Bank Limited were the major gainers of the day while Pakistan Petroleum Limited, Pakistan State Oil Company Limited and Adamjee Insurance Company Limited figured high on the negative column.

Pakistan Telecommunications with 12.517 million shares remained the volume leader of the day, followed by Oil and Gas Development Company Limited and Pakistan Petroleum Limited.●