KARACHI - Profit-taking witnessed in selected stocks across the board on political uncertainty ahead of Presidential election due on July 30 on controversial political and judicial moves.
The benchmark at local equity market KSE-100 share index misplaced 181.92 point or 0.77 percent to conclude the session at 23315.15 points compared to 23497.07 points of the last working day on Friday.
An analyst said falling global commodities and stocks impacted the sentiments. Rupee sliding against US dollar and limited foreign interest played a catalyst role in bearish activity at KSE despite support in oil, cement and textile stocks on expectation of strong earning announcements this next week.
KSE-Allshare index decreased by 114.61 points or 0.69 percent to close the day at 16588.77 points, KSE-30 share index off by 160.91 points or 0.88 percent to stop the day at 18179.50 points while KMI-30 share index shed by 173.52 points or 0.42 percent to finish the trading at 40951.73 points.
Dealers said profit-taking in cement and banking stocks cause index to fell by 0.9pc. Newspaper reports that IMF may insist Government to increase interest rate also affected investors’ sentiments. FFC announced better than expected dividend. Fauji Cement and MLCF, volume leaders, remained under pressure after rallying in last few days.
Market traded 249.211 million shares after opening at 241.030 million shares and the value of traded shares was ascended to Rs 10.435 billion from Rs to 8.657 billion. Capitalisation of the market maintained at Rs 5.703 trillion compared to Rs 5.742 trillion of the previous session.
Trading took place in 367 companies where losers held a strong lead over the gainers 201 to 142 while the value of 24 stocks remained intact. Rafhan Maize was the top loser of the day decreased by Rs 270 to Rs 5170  followed by Nestle Pak down by Rs 100 to Rs 6200.
Siemens Pakistan and Island Textile were the biggest price gainers of the day up by Rs 41.09 to Rs 862.99 and Rs 29.60 to Rs 670. Fauji Cement was the top traded company of the day with 52.829 million shares as it closed at Rs 16.83 after opening at Rs 17.19.
Bank of Punjab was on the second position with 22.221 million shares shed by Re 0.38 to Rs 13.39. It was followed by Lafarge Pakistan with 15.524 million shares off by Re 0.23 to 10.74, Maple Leaf Cement with 12.124 million shares shed by Rs 1.50 to Rs 31.01 and PTCLA with 10.123 million shares misplaced Re 0.88 to Rs 27.25.