KARACHI - Stocks continued bearish trend amid growing fears for possible hike in SBP policy rate announcement due next week.
At local equity market benchmark KSE-100 share index misplaced 300.95 points or 1.31 percent to end the day at 22714.32 points compared to 23015.27 points of the last working day.
Analyst of Ahsan Mehanti said that renewed concerns for rising circular debt in energy sector, uncertain Pak-India relations, limited foreign interest and rising political uncertainty ahead of by elections in NA played a catalyst role in bearish sentiments at KSE despite hopes for approval of $1.5b World Bank loan for economic stabilisation and $46m current account surplus in July ‘13.
Consolidation continued post major earning announcements amid concerns for rising economic uncertainty, higher government debt and falling global commodities, he added.
KSE-Allshare index down by 200 points or 1.21 percent to end the session at 16311.12 points, KSE-30 share index off by 238.18 points or 1.33 percent to conclude the day’s trading at 17636.70 points while KMI-30 share index lost 634.29 points or 1.60 percent to stop the trading at 38991.71 points.
Bourse traded 217.488 million shares after opening at 252.124 million shares and the value of traded shares was slumped to Rs 10.263 billion from Rs 10.668 billion. Capitalisation of the market maintained at Rs 5.615 trillion compared to Rs 5.684 trillion of a day earlier.
Dealers said amid fall in regional equity markets and fear of hike in interest rate in the upcoming MPS, local bourse continued its downtrend. Disappointing results from National Bank and Engro Corp also added fuel to fire. National Bank closed 5pc down while Engro Corp lost Rs.6 to close. Shares of 357 companies were traded on Thursday where losers outnumbered the gainers 249 to 88 while the value of 20 stocks remained intact. Downhill trend led by Nestle Pak off by Rs 310 to Rs 5990 followed by Bata (Pak) decreased by Rs 84 to Rs 1665.
Murree Brewery and Pak Gum & Chem were the top gainers of the day up by Rs 8.95 to Rs 319.95 to Rs 7.50 to Rs 157.50.
Fauji Cement was the top traded company of the day with 22.280 million shares shed by Re 0.26 to Rs 14.42. Bank of Punjab was on the second position with 19.668 million shares up Re 0.08 to Rs 12.59. It was followed by National Bank with 13.668 million shares shed by Rs 2.7 to Rs 51.47, Engro Foods Limited with 10.492 million shares fell by Rs 3.3 to Rs 107.20 and Maple Leaf Cement with 7.632 million shares off by Re 0.08 to Rs 27.30.