Pakistan Stocks close bearish over rising political tension

An analyst at Topline Securities said that rising political uncertainty over the no-confidence motion against the Prime Minister led the market to open sideways where it made an intraday low of 463 points, however some recovery was witnessed in the second half of the session.

The Pakistan Stock Exchange KSE-100 shares Index shed 0.23 per cent, or 101.14 points, to close at 44,337.56 points. The KSE-30 shares Index shed 0.35 per cent, or 60.25 points, to close at 16,923.07 points.

As many as 354 scrips were active of which 158 advanced, 169 declined and 27 remained unchanged.

The ready market volumes stood at 344.13 million shares, compared with the turnover of 268.91 million shares in the last trading session.

The companies which reflected the highest gains included Rafhan Maize up Rs500 to close at Rs12,000/share, and Nestle Pakistan(XD) up Rs90 to close at Rs5,500/share.

The companies that reflected the most losses included Otsuka Pak down Rs19.12 to close at Rs235.88/share, and Packages Ltd down Rs14.58 to close at Rs428.27/share.

The highest volumes were witnessed in K-Electric Ltd with a turnover of 38.41 million shares. The scrip remained unchanged to close at Rs3.11/share, followed by Ghani Glo Hol with a turnover of 31.11 million shares. It gained 34 paisas to close at Rs16.24/share. WorldCall Telecom remained the third with a turnover of 19.94 million shares. It gained 3 paisas to finish at Rs1.73/share.