Karachi share market on Monday started on a positive note and the KSE-100 index hit 14,635.34 points intra-day high level, but it could not maintain its momentum due to lack of foreign and local investors interest.
As a result, the KSE-100 index closed at 14,544.22 points' level, down by 12.31 points, while the KSE-30 index declined by 3.40 points to settle at 17,412.24 points level.
The market witnessed dull trading activity as the ready market volume declined to 179.948 million shares as compared to 250.667 million shares traded on Friday. The futures market turnover slightly increased to 24.158 million shares against 22.263 million shares previously.
The overall market capitalisation declined by rupees four billion to Rs 4.481 trillion. Trading took place in 385 scrips, out of which 193 scrips closed in negative and 153 closed in positive, while the value of 39 scrips remained unchanged.
Askari Bank was the star performer of the day with 17.959 million shares and the scrip surged by Rs 4.45 to close at Rs 101.75, NIB Bank and JS Bank increased by Rs 0.05 each and closed at Rs 22.25 and Rs 20 respectively. Arif Habib Sec was the second highest volume leader with 12.940 million shares, but the scrip lost Rs 0.15 to close at Rs 180.20.
While JOV & Co remained active and gained Rs 1.40 to close at Rs 171.40 with a total volume of 11.953 million shares, Netsol Technologies surged by Rs 3.55 to close at Rs 141.55, POL increased by Rs 0.45 to close at Rs 360.50, WorldCall Telecom gained Rs 0.15 to close at Rs 17.90, Bosicor Pakistan lost Rs 0.25 to close at Rs 20.70 and Azgard Nine declined by Rs 0.80 to close at Rs 50.10.
Jahangir Siddiqui Co and Pak Reinsurance were the highest gainers, with Rs 42.65 and Rs 20 to close at Rs 896.50 and Rs 420.05 respectively, while Wyeth Pakistan and AKD Capital Limited were the highest losers. They lost Rs 20 and Rs 9.90 to close at Rs 2,200 and Rs 188.60 respectively. Ahsan Mehanti at Shehzad Chamdia Securities said that selling pressure was seen in the overbought market due to lack of foreign investors' interest ahead of Christmas holidays.
Selling was witnessed in OMCs as the oil selling prices decision has been delayed, he said, adding oil prices in the international market remained on lower side at 91 dollars per barrel, which was also a reason, which invited selling in the relevant stocks.