KARACHI - Bearish activity witnessed at Karachi share market amid institutional support in selected blue chip including banking, cement and fertilizer sectors during trading session with thin activity in the earning announcement session on economic uncertainty.
At local equity market benchmark KSE-100 share index shed by 14.59 points or 0.06 percent to stop the day at 23673.90 points compared to 23687.89 points of the previous day.
Analysts at Arif Habib said rationalisation of power tariff and its impact on industrial sector impacted the sentiments despite strong earnings outlook for fertilizer sector after maintain approval on subsidy. Rising government debt and fall in rupee dollar parity played a catalyst role in bearish sentiments at KSE despite higher global commodities.
KSE-Allshare index off by 14.55 points or 0.09 percent to close the day at 16953.67 points, KSE-30 share index down by 19 points or 0.10 percent to conclude the session at 18402.28 points while KMI-30 share index up by 23.82 points or 0.06 percent to close the day at 40801.76 points.
Market closed marginally negative in a dull session. Volumes dropped by 19pc to 152m shares. Index heavy weight OGDC and MCB which has been rallying for last few sessions saw some profit-taking. While National Bank witnessed healthy volume of 10m shares amid institutional support, dealers observed.
Market traded 152.536 million shares on Friday after opening at Rs 180.931 million shares and the value of traded shares was minimised to Rs 7.694 billion from Rs 9.231 billion. The capitalisation of the market maintained at Rs 5.829 trillion compared to Rs 5.834 trillion of a day earlier.
Trading took place in 356 companies where gainers outnumbered the losers 175 to 163 while the value of 18 stocks remained intact. Rafhan Maize and Unilever Food were the highest price gainers up by Rs 259.05 to Rs 5459 and Rs 190 to Rs 5290. Wyeth Pak was the biggest loser of the day decreased by Rs 121.95 to Rs 2317.05 followed by Clariant Pak down by Rs 18.21 to Rs 346.11.
Bank of Punjab still hold the top position of active list with 15.180 million shares shed by Re 0.31 to Rs 16.39. It was followed by National Bank with 10.319 million shares up by Re 0.57 to Rs 58.06, JS Investments with 7.918 million shares off by Re 0.81 to Rs 9.45, Fauji Cement with 7.787 million shares shed by Re 0.02 to Rs 15.35 and Engro Corporation with 6.340 million shares gained Rs 1.60 to Rs 151.62.
In weekly review equity dealer Samar Iqbal said with rising volume benchmark index closed 1.88pc up. Key highlights remained result announcements and minor floods after heavy monsoon rains.
In spite of fall in international equity prices, local bourse witnessed net $13.4m inflow in last 3 trading sessions. Going forward, market is expected to consolidate and may move with corporate announcements.