KARACHI-In spite of peaceful political rally over weekend, investors remained sidelines ahead of MSCI review and Monetary Policy announcement, equity experts observed here on Monday.
At Karachi stock market benchmark KSE-100 share index shed 150.66 point or 0.53 percent to end the day at 28343.88 points compared to 28494.54 points of the last working day on Friday.
Ahasan Mehanti Analyst at Arif Habib said stocks fell across the board amid thin trade at KSE on pre-budget uncertainty amid tough fiscal deficit target of 5.3pc of GDP.
Investors remained cautious ahead of SBP policy announcements this week focusing on IMF targets for inflation. Pressure remained despite improved economic data on FX reserves. Rising circular debt in energy sector and power shortfall for industrial sector played a catalyst role in bearish sentiments, he added.
KSE-Allshare index off by 91.26 points or 0.43 percent to end the day at 21146.70 points, KSE-30 index misplaced 130.45 points or 0.66 percent to finish the day at 19741.80 points while KMI-30 index reduced by 333.89 points or 0.73 percent to stop the session at 45153.69 points.
The day turnover of market was 88.069 million shares after opening at 119.495 million shares and the value of traded shares was fell to Rs 3.907 billion from Rs 5.318 billion. The capitalisation of the market maintained at Rs 6.781 trillion compared to Rs 6.796 trillion of a day earlier.
Samar Iqbal equity expert at Topline said investors also remained skeptical of upcoming budget. Market participants also think that upcoming Government offering of UBL will reduce liquidity from the market. Lack of interest is evident by falling volumes of 88 million shares, not seen since Nov 2013 (Value also dropped to 6-month to Rs.3.9b).
Out of 257 companies, 231 closed in negative and 104 in positive while the value of 22 stocks remained intact. Unilever Foods was biggest price gainer of the day up by Rs 383.83 to Rs 8060.59 followed by Wyeth Pak Ltd up by Rs 195 to Rs 4195. Rafhan Maize XD and Sanofi-Aventis were the top price losers of the day decreased by Rs 292.50 to Rs 9800 and Rs 39 to Rs 795.
Active list was again topped by JS Bank Ltd with 9.254 million shares as it closed at Rs 6.14 after opening at Rs 6.40. It was followed by Bank of Punjab with 5.968 million shares off by Re 0.42 to Rs 9.95, JS Co with 4.663 million shares shed by Re 0.49 to Rs 11.70, K-Electric Ltd with 2.944 million shares off by Re 0.23 to Rs 6.62 and Faysal Bank with 2.848 million shares reduced by Re 0.62 to Rs 16.03.