Index loses 37.24 points

The Karachi share market witnessed a negative trend with extremely low volumes on Monday. The benchmark KSE-100 index declined by 37.24 points and closed at the level of 14,527.25 points. Trading volumes at ready counter drastically declined to 27.548 million shares as compared to 96.121 million shares traded on last session. Total market capitalisation reduced by Rs 11 billion to stand at Rs 3.706 trillion.
Of the total 223 active stocks, 128 closed in negative and 70 in positive while the value of 25 stocks remained unchanged. Jahangir Siddiqui Co was the volume leader with 4.755 million shares however lost Re 0.46 to close at Rs 15.02. In the fertiliser sector, Fauji Fertiliser Co increased by Rs 1.11 to close at Rs 118.16 with 1.726 million shares while Fatima Fertiliser Co decreased by Re 0.17 to close at Rs 24.71 with 0.834 million shares.
Descon Oxychem inched up by Re 0.38 to close at Rs 4.34 with 1.488 million shares. Nishat Mills lost Re 0.33 to close at Rs 52.22 with 1.232 million shares. Selling was witnessed in the cement sector as DG Khan Cement and Cherat Cement declined by Re 0.20 and Re 0.41 to close at Rs 44.78 and Rs 34.96 with 1.012 million shares and 0.731 million shares respectively.
In banking sector, NIB Bank gained Re 0.03 to close at Rs 2.3 with 0.92 million shares while NBP lost Re 0.24 to close at Rs 45.15 with 0.663 million shares. Azgard Nine decreased by Re 0.02 to close at Rs 6.56 with 0.885 million shares. Rafhan Maize and Unilever Food were the top gainers increasing by Rs 168.26 and Rs 59.02 to close at Rs 3533.6 and Rs 2,900 respectively, while National Foods and ICI Pakistan were the top losers declining by Rs 10.05 and Rs 7.82 to close at Rs 204.03 and Rs 158.96 respectively.
Ahsan Mehanti at Arif Habib Corporation said Pakistan stocks closed bearish amid institutional profit taking in stocks across the board on concerns for unrest in the city and fall in global stocks on euro-zone debt crises. He said that trade remained thin in the short session at KSE ahead of major corporate earning announcements due this week. The investors remained cautious ahead of SC reaction on contempt law to protect PM amid concerns for macroeconomic instability, he added.