Karachi share market started on positive note on Thursday and the benchmark KSE-100 index hit 14,875.40 points highest-ever intra-day level, but it failed to continue its upward trend as the market participants opted for profit taking on available margins.
Finally, the KSE-100 index closed at 14,772.08 points'' level down by 42.77 points, while the KSE-30 index lost 87.48 points to close at 17,578.78 points'' level. The ready market volume increased to 327.446 million shares as compared to 308.060 million shares traded a day earlier. The futures market turnover, however, increased to 65.044 million shares against 57.229 million shares previously.
The overall market capitalisation declined by Rs 12 billion to Rs 4.543 trillion. Trading took place in 422 scrips, out of which 212 scrips closed in negative and 161 scrips in positive, while the value of 49 scrips remained unchanged.
TRG Pakistan was the star performer of the day with 70.589 million shares and the scrip surged by rupee one to close at Rs 15 followed by Telecard, which gained Rs 0.40 to close at Rs 11.85 with a total volume of 21.035 million shares.
In the banking sector stocks, National Bank of Pakistan (NBP) increased by Rs 1.70 to close at Rs 244.35, but JS Bank and NIB Bank lost Rs 0.95 and Rs 0.40 to close at Rs 23 and Rs 23 respectively.
While Arif Habib Sec declined by rupee one to close at Rs 182.30, JOV & Co gained Rs 1.80 to close at Rs 172, Fauji Cement gained Rs 0.05 to close at Rs 15.90, Dewan Cement increased by Rs 0.80 to close at Rs 17.45 and Bosicor Pakistan lost Rs 0.65 to close at Rs 22.45.
Jahangir Siddiqui Co and EFU Life Assurance were the highest gainers, with Rs 34.40 and Rs 31 gains to close at Rs 1,124 and Rs 651.40 respectively, while Wyeth Pakistan and Unilever were the highest losers. They lost Rs 110 and Rs 60 to close at Rs 21.40 and Rs 2,400 respectively.
"The KSE-100 index finished off in red zone and once again the investors availed the opportunity to book profit", an analyst at Live Securities said, and added that the market participants took benefit from the correction.
The technology and communication were on top to record 30.5 percent of the total turnover. Commercial banking sector lost its dominance and fell in the second rank to attain 22.1 percent of the total turnover. Cement sector showed progress after some time to attain 11.9 percent of the total turnover.
Scrip-wise activity was mostly seen in TRG Pakistan and Telecard that remained the backbone of the entire sector to record 70.58 million shares and 20.94 million shares. JSBL and NIB Bank continued to influence the banking segment as they marked 12.30 million and 11.43 million shares respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that the market witnessed selling pressure just after its start on a positive note due to lack of local and foreign investors interest. On the other hand, the yearend fund requirements deterred banks and financial institutions to take fresh positions, he added.