KARACHI - Stocks closed lower amid profit-taking in blue chip stocks. Limited foreign interest, concerns for outstanding circular debt in energy sector affected the sentiments.
The bears charged on the local equity market on Tuesday shedding 40.36 points from the KSE-100 share index, which settled at 15,388.13 points as compared 15,428.49 points of a day earlier. Overall market remained under selling pressure as investors opted to book profit after the healthy market rally in last few trading sessions. However, certain scrips remained on investors’ radar as cherry picking was seen in Lucky, PPL and MCB, reported Samar Iqbal equity dealer at Topline Securities.
KSE-Allshare index shed by 21.80 points or 0.20 percent to end the day at 10,857.70 points, KSE-30 share index misplaced 54.47 points or 0.41 percent to close the day at 13,195.12 points while KMI-30 share reduced by 105.14 points or 0.39 percent.
Market traded 182.971 million shares after opening at 200.619 million shares and the value of traded shares was minimised to Rs 4.880 billion from Rs 5.798 billion. Stock capitalisation settled at Rs 3.923 trillion as compared to 3.931 trillion of a previous day. Analysts at KSE said trade remained lower after fall in global stocks and commodities on growth fears.
ADB ruling out on solo financing of Diamer-Bhasha dam played a catalyst role in bearish sentiments as investors awaited outcome of meeting with MSCI officials on country equity market index review, he added.
During the session 332 companies participated in the trading activity where losers held a strong lead over the gainers 165 to 139 while the values 28 companies remained intact. Rafhan MaizeXD was the heaviest price gainer of the day up by Rs 189.20 to Rs 4,198.00 while the Bata (Pak) Limited was topped loser of the day shed Rs 24.71 to Rs 1099.99.
Maple Leaf Cement was the volume leader of the day with 17.455 million shares gained Re 0.45 to end at Rs 8.71. PTCLA was on the second position with 15.795 million shares shed Re 0.01 to close at Rs 19.03. It was Followed by Pak Elektron Ltd with 11.205 million shares up by Re 0.69 to stop at Rs 9.51, Fauji Cement with 10.126 million shares higher by Re 0.05 to finish at Rs 6.77 and WorldCall Telecom with 9.460 million shares off by Re 0.20 to stop at Rs 2.85.