Karachi Stock Exchange (KSE) for the second consecutive day on Tuesday closed in a bearish mode followed by selling pressure and thin trading activity. After various fluctuations, the benchmark KSE-100 index fell by 86 points to close at 16,701.69 points from 16,787.54 points. Index also hit 16,848.72 point intraday high level and a low level of 16,691.39 points.
Trading activity was remained dull owing to investors'' wait and see policy ahead of the State Bank of Pakistan''s (SBP) monetary policy statement, to be announced on December 14. Overall 127.047 million shares were traded at ready counter compared to 189.105 million shares traded a day earlier. Out of 369 active scrips, 95 closed in positive and 254 in negative, while the share price of 20 stocks was remained unchanged. The market capitalisation also declined by Rs 17.113 billion to Rs 4.193 trillion from Rs 4.21 trillion.
Among top 10 active scrips, Jah Sidd Co was the volume leader with 13.89 million shares and its price was down by Re 0.57 to Rs 17.26 per share. The share price of Maple Leaf Cement lost Re 0.12 to close at Rs 13.79 with turnover of 8.8 million shares. With share trading of 7.7 million shares, Sui Northern Gas price declined by Re 0.84 to close at Rs 23.41.
Similarly, share price of Fauji Cement fell by Re 0.13 to Rs 6.45 with 7.2 million shares'' turnover. Some 5.5 million shares of Engro Foods Ltd were traded and its share price gained by Re 0.98 to close at Rs 93.55. With a decline of Re 0.29, share price of Lotte Pak PTA stood at Rs 7.65, while its some 5.2 million shares were traded.
In addition, with trading volume of 4.3 million, share price of Engro Corporation down by Rs 2.91 to close at Rs 93.49. Byco Petroleum''s turnover stood at 4.1 million and its share price lost Re 0.41 to Rs 10.77. The share price of Azgard Nine was closed at Rs 8.24, down by Re 0.21, with 3.4 million trading volume. Some 2.9 million shares of Nishat (Chunain) were traded with gain of Re 0.28 to close Rs 33.79.
Unilever Pakistan and Sanofi-Aventis were the highest gainers and their share prices were increased by Rs 96.83 and Rs 16.00 to close at Rs 9,897.83 and Rs 368.00 per share respectively. Bata Pak and Nestle Pakistan Limited were the worst loser and declined by Rs 80 and Rs 40 to close at Rs 1,530 and Rs 4,800 per share respectively.
Commenting on the market situation, Ahsan Mehanti an analyst at Arif Habib said that on the first trading day of the market stocks closed bearish amid thin trade. Profit taking continued in scrips across the board as investors awaiting the SBP''s policy rate announcement on December 14. He said that concerns for economic uncertainty, fall in global commodities, fall in rupee dollar parity to record low and uncertainty over the country''s stance for IMF new programme affected the sentiments despite hopes for a rate cut in next monetary policy due this week and 5.98 billion dollars remittances in the country.
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