Selling pressure continued at the Karachi share market on Wednesday due to declining oil prices in the international market, and the KSE-100 index lost another 236.79 points to close at 12,261.07 points level. The KSE-30 index declined by 412.77 points and settled at 14,194.45 points level.
The market opened on a negative note. However, some select buying supported the index to visit positive zone and hit 12,518.05 points intra-day high, but selling pressure once again forced the index into negative zone to 12,243.06 points intra-day low before closing at 12,261.07 points.
Trading remained thin and the ready market volume declined to 119.971 million shares as compared to 128.444 million shares traded a day earlier. The futures market turnover stood at 48.064 million shares against 56.084 million shares of Tuesday.
Market capitalisation declined by Rs 71 billion to Rs 3.774 trillion. Trading took place in 295 scrips, out of which 193 scrips closed in negative and 80 scrips closed in positive while the value of 22 scrips remained unchanged. KESC was the star performer with 9.754 million shares and gained Rs 0.94 to close at Rs 5.49. In cement sector, Lucky Cement and DG Khan Cement lost Rs 3.38 and Rs 2.71 to close at Rs 96.80 and Rs 66.01 with 8.540 million shares and 7.412 million shares respectively.
The banking sector also witnessed selling pressure, as NIB Bank, BoP, NBP and Bank Al Falah declined by Rs 0.63, Rs 0.21, Rs 8.25 and Rs 1.39 to close at Rs 11.72, Rs 33.80, Rs 156.75 and Rs 42.60 with 7.225 million shares, 4.699 million shares, 4.177 million shares and 3.328 million shares respectively.
Arif Habib Sec decreased by Rs 7.80 to close at Rs 157.00 with 5.410 million shares. OGDC lost Rs 1.50 to close at Rs 125.00 with 4.472 million shares. Nishat Mills declined by Rs 4.56 to close at Rs 86.69 with 3.371 million shares.
Treet Corporation and KSB Pump were the highest gainers and gained Rs 11.07 and Rs 7.94 to close at Rs 237.00 and Rs 168.00 respectively, while Jahangir Siddiqui Co and Dawood Hercules were the highest losers and lost Rs 25.15 and Rs 15.63 to close at Rs 497.85 and Rs 383.85 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that intense selling, mainly by foreign investors, was witnessed in banking and cement sector stocks. Investors'' concern over recommendations to standing committee in Senate regarding increase in CVT on stock market transactions invited selling at the share market.
Investors were also concerned over expected margin reductions in OMCs, refineries and E & P sector as proposed to Economic Coordination Committee, which also created negativity, and declining oil prices in the international market to $134 per barrel on Saudi oil output increase invited selling in the relevant stocks.
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