KSE loses 188.17 points

Karachi market on Monday started on a strong positive note and the KSE-100 index hit 14,908.46 points'' intra-day high level. But the market could not continue its upward momentum and after witnessing a bull-run during the last couple of days, the KSE-100 index lost 188.17 points due to technical correction and closed at 14,599.38 points'' level.
The KSE-30 index also by 362.52 points to close at 17,632.77 points'' level. The ready market volume increased to 466.292 million shares as compared to 370.858 million shares traded on Friday. The futures market turnover surged to 91.224 million shares against 70.731 million shares previously.
The overall market capitalisation declined by Rs 65 billion to Rs 4.447 trillion. Trading took place in 405 scrips, out of which 215 scrips closed in positive and 150 in negative, while the value of 40 scrips remained unchanged.
Arif Habib Sec was the star performer of the day with 34.625 million shares and the scrip surged by Rs 3.55 to close at Rs 184.50 followed by NIB Bank, which gained Rs 0.60 to close at Rs 25.35 with a total volume of 33.972 million shares.
A mixed trend was witnessed in cement sector as Fauji Cement and Zeal Pak Cement gained Rs 0.75 and Rs 0.25 to close at Rs 19.95 and Rs 5.65 respectively, but DG Khan Cement and Lucky Cement lost Rs 1.65 and Rs 3.30 to close at Rs 113.15 and Rs 138 respectively.
Selling pressure was seen in E&P sector as the Oil and Gas Development Company (OGDC) and Pakistan Oilfields Limited (POL) declined by Rs 4.60 and Rs 0.20 to close at Rs 125.75 and Rs 342.90 respectively. While Fauji Fertiliser Bin Qasim decreased by Rs 0.30 to close at Rs 48.00, TRG Pakistan lost Rs 0.70 to close at Rs 14.55.
Siemens and Jahangir Siddiqui Co were the highest gainers, with Rs 61 and Rs 26.90 gains to close at Rs 1,840 and Rs 565.40 respectively, while Unilever and Grays of Camb were the highest losers. They lost Rs 48 and Rs 12.80 to close at Rs 2,502 and Rs 243.25 respectively.
Head of research at JS Global Capital Limited Ovais Siddiqui said that the market, after witnessing a continuous bull-run during the last many sessions, witnessed technical correction on Monday.
Technical corrections were also witnessed in some other regional markets, which also affected the local market. On the other hand, market participants took cautious stance after the news that the Supreme Court decision regarding the presidential elections was expected to be announced next week. The market started on a strong positive note, but investors opted for profit taking in the late hours and the index lost 188 points.
Selling pressure was witnessed in E&P and banking sector stocks as OGDC, POL, National Bank of Pakistan (NBP) and some other relevant stocks closed in negative.
Ahsna Mehanti at Shehzad Chamdia Securities said that the oversold share market witnessed a correction. Corrections were also witnessed in some other major shares markets in the globe, which negatively affected the local share market.
The declining prices in the international market invited selling in the relevant stocks. The investors took cautious stance due to political uncertainty after Karachi bomb blast on Thursday night.