KARACHI - Pakistan stocks closed bearish amid institutional profit-taking in overbought stocks across the board.
Rollover week started on the wrong foot as benchmark misplaced 161.70 points or 0.63 percent to end the day at 25417.63 points compared to 25579.33 points of the last working day on Friday.
Rising political uncertainty and renewed concerns for circular debt in energy sector impacted the sentiments, analyst observed here.
Trade remained thin amid support in selected stocks in fertilizer, textile and cement sectors on strong earnings outlook ahead of year end close. Investors awaited update on release of coalition support funds and controversial $800m Etisalat over dues, further he added.
KSE-Allshare index shed by 90.80 points or 0.48 percent to finish the day at 18756.55, KSE-30 share index off by 119.87 points or 0.63 percent to close the trading at 18984.68 points while KMI-30 share index gained 55.10 points or 0.13 percent to conclude the session at 42788.23 points.
The day turnover of local bourse was 195.487 million shares compared to 273.254 million shares of the previous session and the value of traded shares was reduced to Rs 7.655 billion from Rs 8.228 billion. On the first day of trading week market capital settled at Rs 6.101 trillion after opening at Rs 6.130 trillion.
A dealer said coupled with profit taking, volumes also declined by 7pc to reach Rs7.7b as investors remained on the sidelines. PKGP, FCCL and DCL remained the volume leaders. PKGP traded 25.5m shares, FCCL witnessed 12.6m shares volume while DCL saw 8.6m shares exchanging hands.
Trading took place in 360 companies where losers beat the gainers 204 to 130 while the value of 26 stocks remained intact. Bata (Pak) was the biggest price gainer of the day followed by Pak Tobacco up by Rs 91.47 to Rs 2795 and Rs 24.96 to Rs 524.21. Colgate Palmolive and Rafhan Maize were the top losers of the day decreased by Rs 46 to Rs 1650 and Rs 34 to Rs 8000.
Active list was topped by Pakgen Power with 25.520 million shares off by Re 0.35 to Rs 21.04. Fauji Cement was on the second position with 12.626 million shares up by Re 0.30 to Rs 14.70. It was followed by Dewan Cement with 8.595 million shares without any change settled at Rs 7.20, Nishat Mills Limited with 8.486 million shares grew by Rs 3.14 to Rs 128.36 and JS Co with 7.942 million shares down by Re 0.03 to Rs 9.42.