KARACHI - Stocks continued bearish trend amid institutional profit-taking post major earning announcements. At local equity market benchmark KSE-100 share index shed 436.17 points or 1.97 percent to end the day at 21724.68 points compared to the 22160.85 points of the last working day on Friday.
Analyst Ahsan Mehanti said security unrest in the city, rising political uncertainty ahead of federal cabinet meeting tomorrow to consider law & order situation and growing fears on uncertainty over SBP policy rate stance ahead of announcement due on Sept 13 played a catalyst role in bearish activity. Limited foreign interest and regional uncertainty on impact of Syria military action affected the sentiments.
Consolidation continued amid concerns for rising economic uncertainty, higher government debt and uncertain global stocks and commodities.
KSE-Allshare index off by 282.29 points or 1.76 percent to close the day at 15741.03 points,KSE-30 share index decreased by 321.46 points or 1.86 percent to end the day at 16929.01 points while KMI-30 share index misplaced 622.875 points or 1.64 percent to finish the day at 37327.62 points.
Market traded 180.153 million shares after opening at 185.353 million shares and the value of traded shares reduced to Rs 5.715 billion from Rs 6.634 billion. Capitalisation of local equity market settled at Rs 5.417 trillion compared to Rs 5.514 trillion of the previous session.
A dealer said selling heavy weight OGDC, MCB and PSO affected the overall market. While the regional markets improved the local equity prices remained under pressure due to selling by selected investors. Consumer price index for the month of August also rose to 8.55pc. OGDC closed 1.6pc down while MCB lost 3.4pc down whereas PSO lost Rs.11 and POL closed Rs.10 down.
BOP remained the volume leader with 21mn shares exchanged hands with stock lost 5.9pc, FCCL lost 1.6pc with 16mn shares volumes. PTC closed in positive with a volume of 15.9m shares after the news that SC has ordered to do 3G auction in next 15 days.
Trading took place in 348 companies where losers outnumbered the gainers 288 to 45 while the value of 15 stocks remain intact. Colgate Palmolive was the top loser of the day decrease by Rs 59.83 to Rs 1735.17 followed by Siemens Pakistan down by Rs 30 to Rs 964.99. Unilever Food and Wyeth Pak Limited were the biggest price gainers of the day up by Rs 20 to Rs 5050 and Rs 18.58 to Rs 2950.
Bank of Punjab was the top traded company of the day with 21.045 million shares shed by Re 0.75 to Rs 11.88. Fauji Cement was on the second position with 15.997 million shares as it closed at Rs 13.02 after opening at Rs 13.31. It was followed by PTCLA Co with 15.890 million shares off by Re 0.02 to Rs 23.30, JS Co with 15.890 million shares lost Re 0.92 to Rs 8.32 and PIAC(A) with 9.916 million shares decreased by Re 0.99 to Rs 5.17.