Index loses 232.6 points

A bearish trend was witnessed on the Karachi share market on Wednesday due to selling by both local and foreign investors and the benchmark KSE-100 index declined by 232.6 points to close at 14,081.07 points. The foreign investors remained net sellers and withdrew 1.67 million dollars from the local equity market.
After slight positive opening, the investors'' interest is some selected stocks supported the index to hit 14,335.06 points intra-day high level. However, the investors opted for selling and the index dropped into negative zone at 14,064.52 points intra-day low level.
Trading activities also reduced as the volumes at ready counter declined to 146 million shares as compared to 152.8 million shares traded on Tuesday. Total market capitalisation declined by Rs 58 billion to stand at Rs 3.597 trillion. Of the total 371 active stocks, 237 closed in negative and only 76 in positive while the value of 58 stocks remained unchanged.
DG Khan Cement was the volume leader with 15.98 million shares however lost Rs 1.95 to close at Rs 41.2. In the other cement sector stocks, Fauji Cement decreased by Re 0.18 to close at Rs 6.01 with 4.478 million shares. Engro Foods declined by Rs 3.09 to close at Rs 60.58 with 14.795 million shares, while PTCL plunged by Re 0.86 to close at Rs 16.12 with 14.665 million shares, and Jahangir Siddiqui Co lost Re 0.68 to close at Rs 15.91 with 9.115 million shares.
Bankislami Pakistan increased by Re 1.00 to close at Rs 8.97 with 5.954 million shares. In the fertiliser sector, Fattier Fertiliser Co and Engro Corporation declined by Re 0.76 and Rs 5.12 to close at Rs 24.48 and Rs 103.29 with 4.763 million shares and 4.138 million shares respectively. Lotte Pakistan PTA lost Re 0.25 to close at Rs 9.17 with 4.668 million shares, Hub Power Company decreased by Re 0.76 to close at Rs 38.75 with 4.432 million shares. Unilever Food and Mithchells Fruit were the top gainers increasing by Rs 74.45 and Rs 9.00 to close at Rs 3245.45 and Rs 205 respectively, while Unilever Pak and Nestle Pakistan were the top losers declining by Rs 84.23 and Rs 83.43 to close at Rs 7,052 and Rs 4004.57 respectively.
Samar Iqbal at Topline Securities said that local market fell in line with fall in global stock markets. Investors trim their position as they fear more foreign selling if regional markets bearish trend continue. Reduction in cement prices affected cement stocks especially DG Khan and Lucky Cement.