The Karachi share market on Friday witnessed selling pressure in leading scrips for profit taking from both local and foreign investors, as a result of which the KSE-100 lost 58.19 points, or 0.38 percent, closing at 15,085.18 points against Thursday''s 15,143.37 points.
The market started on a positive note and the KSE-100 index gained 41.94 points during the first section, hitting new peak at 15,185.31 points. However, it could not sustain that level as panic selling was witnessed and the index closed in the negative zone.Analyst said that technical correction was witnessed on last trading day conception.
Market capitalisation declined by Rs 11.358 billion to Rs 4.661 trillion from 4.672 trillion. Trading activity took place in 352 scrips, out of which 134 scrips closed in positive and 169 scrips closed in negative and the value of 49 scrips remained unchanged.
The ready market volume decreased to 291.107 million shares from previous day''s 321. 543 million shares. The futures market turnover also decreased to 60.705 million shares against 70.562 million shares previously. KSE-30 index lost 4.15 points to closed at 18,607.19 points from 18,611.34 points, depicting a decreased of 0.02 percent.
Heavy activity was seen in fertiliser, banking and oil and gas sectors. Fauji Fertilizer Bin Qasim was the star performer of the day with 42.883 million shares and the share prices went up by Rs 1.05 to close at Rs 46.80, while OGDC was the second best performer with 34.614 million shares. However it lost Rs 0.55 and closed at Rs 136.25.
Pak Oilfields was up by Rs 6 per share to Rs 364 with 23.828 million shares. Lucky Cement gained Rs 3.2 and closed at Rs 136.9 with 23.552 million shares. Dewan Salman increased by Rs 1 to close at Rs 9.90 with 12.478 million shares.
Fauji Fertiliser was up by Rs 6.80 per share to Rs 142.80 with 12.219 million shares, while JS Bank was up by Rs 0.70 to Rs 20.05 and MCB bank lost Rs 7.25 to close at Rs 409.75 with 8.058 million shares and 7.581 million shares respectively.
Dera Ghazi Khan Cement declined by Rs 0.75 to Rs 109 with 7.553 million shares, while NIB also lose Rs 0.35 to Rs 21.05 per share with 6.464 million shares. EFU General Insurance and Pak Engineering were the highest gainers and gained Rs 26.35 and Rs 17.35 to reaching Rs 660.80 and Rs 365.05 respectively. National Foods and Jah Siddique Co were the highest losers and lost Rs 19.50 and Rs 13.95 to close at Rs 379.50 and Rs 634.00 per share respectively.
"Profit taking was witnessed by local and foreign investors in overbought market as uncertainty loomed over present government coalition set-up'''', said Ahsan Mehanti at Shehzad Chamdia Securities.
He said that due to last trading day investors tried to withdraw their investment and gain some profit due to the CFS unavailability for retail investors sentiment at KSE, as on Friday CFS was also at near the cap of Rs 55 billion. "SCRA balance fall to 66.74 dollars also reflected that profit taking of foreign investors continued in different sectors mainly in baking sector," he added.