The Karachi share market on Friday witnessed negative trend and the benchmark KSE-100 index that previously stood at 10,677.47 points, shed 18.26 points to close at 10,659.21 points. The market registered a mixed activity throughout the day with the index oscillating between positive and negative zones, however in the evening the market closed in negative zone.
During the session the index hit 10,720.57 points intra-day high and 10,648.63 points intra-day low levels. Trading activity also shrank and the volumes at ready counter declined to 206.494 million shares as compared to 405.453 million shares traded during the last session.
The overall market capitalisation declined by Rs 4.358 billion to Rs 3.017 trillion as compared to Rs 3.021 trillion a day earlier. Out of the total 385 active scrips, 166 closed in positive, 194 in negative, while the value of 25 scrips remained unchanged. WorldCall Telecom was the volume leader with 27.59 million shares, closing at Rs 5.11 with a loss of Rs 0.07 per share.
NIB Bank lost Rs 0.27 to close at Rs 5.10 with 11.348 million shares. TRG Pakistan lost Rs 0.22 to close at Rs 5.69 with 10.933 million shares. Similarly, share price of Nimir Industries chemical Limited surged by Rs 0.03 to close at Rs 2.55 with 9.31 million shares. Pace (Pak) lost Rs 0.25 to Rs 6.03 with 8.779 million shares. Fuji Fertiliser Bin Qasim with 8.636 million trading volume decreased by Rs 0.34 to close at Rs 32.47.
The Silkbank Limited also lost Rs 0.13 to close at Rs 4.18 with 7.948 million shares. Nishat Mills gained Rs 0.06 to close at Rs 57.49 with 7.625 million shares. National Bank of Pakistan gained Rs 1.54 to close at Rs 77.86 with 7.16 million shares and Pak Oil Fields bagged Rs 3.42 to close at Rs 249.92 with 6.14 million shares.
Unilever Pak and Fazal Textile were the top gainers with Rs 29.72 and Rs 17.13 to close at Rs 3,550 and Rs 385.77, respectively, while Unilever Pak Food and Siemens Pak Eng were the worst losers with Rs 29.14 and Rs 8.87 to close at Rs 1,117.36 and Rs 1,250.30, respectively. Analysts said due to bomb blasts in Quetta, investors adopted cautious stance, which is why the market closed in a negative zone.
They said that institutional profit taking was witnessed in an overbought market and investors remained uncertain on limited foreign interest in blue chips. Rising circular debt in the energy sector and limited expectation of early approval of leverage product played a catalyst role in negative activity despite expectation of early release of the IMF tranche and unanimous approval of 18th Amendment by Senate, they added.
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