Karachi share market, which started on a positive note and the KSE-100 index breached through 14,100 psychological level to hit 14,123.34 points intra-day high on the back of fresh buying in OGDC and PPL, but could not sustain that level due to law and order situation in Islamabad.
Disturbed over the uncertainty, the marketmen preferred to offload their holdings. The downward revision of rating of Pakistan by Standard and Poor''s also hurt the market momentum and invited across the board selling.
Finally, the KSE-100 index closed at 13,917.43 points level, down by 101.62 points, while the KSE-30 index lost 146.61 points to close at 16,956.77 points level. The ready market volume increased to 427.417 million shares as compared to 357.870 million shares traded a day earlier, while futures market turnover surged to 54.988 million shares against 50.785 million shares previously. The overall market capitalisation, however, declined by Rs 19 billion to Rs 4.094 trillion.
Trading took place in 404 scrips, out of which 230 scrips closed in negative column and 147 in positive column while the value of 27 scrips remained unchanged.
Pak PTA Limited was the star performer of the day with 34.424 million shares and the scrip surged by Rs 0.65 to close at Rs 6.55 followed by TRG, which gained Rs 0.30 to close at Rs 16.80 with a total volume of 31 million shares. Arif Habib Sec also performed well and the scrips increased by Rs 2.50 to close at Rs 143.00 with 28.582 million shares.
Trading activity was also seen in banking sector stock as Bank Al Falah, BankIslami Pak and JS Bank gained Rs 0.30, Rs 0.40 and rupee one to close at Rs 57.60, Rs 16.20 and Rs 20.80 respectively.
Bosicor Pakistan lost Rs 0.30 to close at Rs 20.10. Fauji Cement declined by Rs 1.10 to close at Rs 21.45. JOV & Co lost 3.85 to close at Rs 269.00. Fauji Fertiliser Bin Qasim lost Rs 0.35 to close at Rs 40.80.
Unilever and Colgate Palmolive were the highest gainers, as they gained Rs 100.00 and Rs 15.00 to close at Rs 2400 and Rs 465 respectively, while Lakson Tobacco and Shell Pakistan were the highest losers, which losing Rs 29.90 and Rs 16.00 to close at Rs 568.10 and Rs 475.00 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that after bullish run during the last many days and making news records to hit all time high levels, the market witnessed a volatile session due to law and order situation in Islamabad, which created uncertainty among the investors.
Many negative rumours regarding political set-up also encouraged the investors to offload their holdings. Therefore, many stocks witnessed selling pressure as the investors offloaded their holdings on available margins.
Kamran Naqvi, head of Equity Trade at Atlas Capital Markets, said that the market witnessed a positive start on the back of investors'' expectations of Lal Masjid issue resolution after security forces started early morning operations.
Oil sector led the market in positive zone with a spree of fresh positions in PPL and OGDC. Cement sector remained stagnant for almost the entire treading session. Banking stocks even though received support on dips, remained range bound.
Late arrival of news regarding downward revision of credit rating of Pakistan by Standard and Poor''s hurt the market momentum and the index could not recover thereafter, which eventually closed more than 100 points down.
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