The Karachi share market on Monday witnessed bearish trend amid thin volumes and the KSE-100 index lost 117.87 points and the KSE-100 index closed at 14,816.43 points level. However KSE-30 index lost 293.23 points to close at 18, 074.06 points.
The market started on a positive note. However, it could not continue the trend due to selling pressure mainly in banking sector and, at one time, the KSE-100 index dropped down to 14,740.96 points intra-day low.
Trading remained thin and the ready market volume declined to 196.083 million shares as compared to 335.109 million shares traded on Friday. The futures market turnover also declined and stood at 41.901 million shares against 92.946 million shares previously.
The overall market capitalisation declined by Rs 35 billion to Rs 4.583 trillion. Trading took place in 380 scrips, out of which 225 scrips closed in negative and 122 scrips closed in positive while the value of 33 scrips remained unchanged.
Bank Al Falah was the overall volume leader with 11.055 million shares and the scrip closed at the same level of Rs 61.75 without any change. In the other banking sector stocks, MCB and BoP lost Rs 21.75 and Rs 3.35 to close at Rs 413.25 and Rs 96.90 respectively.
In cement sector, DG Khan Cement and Lucky Cement declined by Rs 1.80 and Rs 1.85 to close at Rs 106.00 and Rs 128.25 respectively. Azgard Nine performed well and gained Rs 2.80 to close at Rs 59.60 with 10.145 million shares.
Fauji Fertiliser Bin Qasim lost Rs 0.45 to close at Rs 44.95. Nishat Mills declined by Rs 3.65 to close at Rs 112.50. Arif Habib Sec decreased by Rs 3.20 to close at Rs 181.20. OGDC closed at Rs 128.00, down by Rs 1.00.
Jahangir Siddiqui Co and EFU General Insurance were the highest gainers and gained Rs 27.30 and Rs 26.00 to close at Rs 573.30 and Rs 551.00 respectively while AKD Capital Limited and Hinopak Motor were the highest losers and lost Rs 43.80 and Rs 29.00 to close at Rs 832.50 and Rs 551.00 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that selling pressure continued on announcement of December results of major blue chip companies. On the other hand, the SCRA balances decreased to $94 million for this fiscal year reflecting foreign selling in the local market. Major correction witnessed in international capital market affected local market sentiment negatively.