KARACHI - Equity market closed lower amid thin trade on concerns for security situation in the city.
Analyst observed institutional support was witnessed in early session on hopes for improvement in Pak-US ties after US agrees to send NATO negotiators for agreement to Pakistan.
Lower global commodities, limited foreign interest and renewed concerns for allegations on judiciary played a catalyst role in bearish sentiments at KSE, he added.
KSE-Allshare index lost 38.18 points or 0.40 percent to close the day at 9,422.33 points, KSE-30 share index misplaced 58.72 points or 0.51 percent to finish the day at 11,499.50 points while KMI-30 share index misplaced 63.49 points or 0.27 percent to end the day at 23,157.60 points.
Dealers said market continued to remain under pressure in light of continuous foreign selling. Engro Corp with more than 10 million shares traded remained under pressure as investors believed that June results would not be in line with earlier expectations. Aggressive selling was seen in OGDC, PSO and POL that affected benchmark index.
Trading took place in 322 stocks where losers beat gainers 133 to 110 and the values of 79 stocks remained intact. Bourse traded 77.658 million shares after opening at 70.704 million shares and the value of trading shares was Rs 3.464 billion as compared to Rs 2.724 billion of previous session.
Engro Corporation was most traded company of the day with 10.026 million shares as it closed at Rs 102.13 after opening at Rs 107.12. Bank Al-Falah was on the second position with 6.075 million shares up Re 0.28 to Rs 16.40. It was followed by PTCLA with 5.933 million shares shed Re 0.05 to Rs 13.84, Hub Power Company with 4.721 million shares added Re 0.55 to Rs 40.77 and JS.Co with 4.382 million shares off Re 0.31 to Rs 13.77.
UniLever Pak and Philip Morris Pak were the top price gainers of the day increased by Rs 217.50 and Rs 7.89 while the top losers were led by Indus Dyeing XD and Millat Tractors decreased by Rs 18.99 and Rs 5.34 respectively.