Index sheds 83.96 points

A bearish trend continued on the Karachi share market on Tuesday and the benchmark KSE-100 index declined by 83.96 points to close at the level of 16,129.72 points. Trading activities slightly improved and the volumes at ready counter increased to 156.978 million shares as compared to 149.414 million shares traded on Monday.
Total market capitalisation reduced by Rs 20 billion to stand at Rs 4.023 trillion. Of the total 320 active stocks, 150 closed in negative and 136 in positive while the value of 34 stocks remained unchanged. Jahangir Siddiqui Co was the volume leader with 36.777 million shares and gained Re 0.31 to close at Rs 16.45.
In the cement sector, Fauji Cement and DG Khan Cement decreased by Re 0.12 and Re 0.48 to close at Rs 6.52 and Rs 52.77 with 13.073 million shares and 5.236 million shares respectively, while Maple Leaf Cement inched up by Re 0.24 to close at Rs 10.34 with 3.642 million shares.
Azgard Nine lost Re 0.26 to close at Rs 7.33 with 9.759 million shares. Lotte Pakistan inched up by Re 0.07 to close at Rs 7.07 with 8.932 million shares. JS Investments decreased by Re 0.46 to close at Rs 9.13 with 7.032 million shares. NIB Bank closed at the previous day''s closing level of Rs 2.2 with 4.715 million shares, while JS Bank lost Re 0.21 to close at Rs 6.24 with 4.481 million shares. Engro Corporation increased by Re 0.39 to close at Rs 92.23 with 3.497 million shares.
Bata (Pak) Limited and Island Textile were the top gainers increasing by Rs 65.95 and Rs 25.64 to close at Rs 1385.45 and Rs 538.57 respectively, while Al Abbas Sugar and Shahtaj Sugar Mills were the top losers declining by Rs 4.95 and Rs 4.08 to close at Rs 96.50 and Rs 77.82 respectively.
Hasnain Asghar Ali at Escorts Capital said that benchmark continued to stay under adjustment phase mainly due to dried up volumes and prolonged stagnation, thus despite values range bound activity and relatively low volumes in the frontline stocks the trading float stayed the frontline and various volume generating low priced stocks in red zone, despite high volume in stocks trading below par, while proceeds from strategic sell-off in JSCL kept the stock on gaining grounds backed by phenomenal volumes, the stock contributed more then 20 percent to the total turnover.
He said the bottom fishing however continues to stay the call in the frontline stocks mainly those likely to announce the year-end results, while approval of 75mmcfd gas by ECC, and sustainability in record remittances, along with much anticipated cut in the interest rates will continue to disallow panic to set-in in the local economy, concerns of law &order might however keep the retail and high net worth participants cautious.