Bears dominate trading as KSE-100 index dips 296 points

 

KARACHI: The Karachi Stock Exchange (KSE) saw another bearish day, as the benchmark index, KSE-100, slumped 296 points to close at 40,943 points on Tuesday.

Shares worth 5.84 billion rupees were traded. 140 million shares of 343 companies exchanged hands during the day.

The market capitalization reduced by 54 billion rupees to 8,408 billion rupees.

Among the factors that played a role in moving the KSE index is an increase in oil prices that reflected in the oil marketing sector trade.

The government’s plans to privatize five public sector enterprises i.e. Pakistan Steel Mills, Kot Addu Power Company Limited, Industrial Development Bank Ltd, and Mari Petroleum Company Limited in the present year also affected the day’s trade.

Investors also took into account the launch of three new projects to be financed by China that will fall on the western route of the China-Pakistan Economic Corridor, including a 280-kilometre long road from Raikot to Thakot, a 210-kilometre dual carriageway from Yarik to Zhob, and a 110-kilometre road from Basima to Khuzdar.