After one day of bullish trend, Karachi stock market on Tuesday closed in negative zone owing to profit taking by the institutions. The bench mark KSE-100 index decline by 98.89 points to close at 13,283.65 points from 13,382.54 points. During the trading KSE-100 index also hit intraday high level of 13,422.70 points and low level of 13,274.45 points.
Due to bearish trend in the share market, trading activity was also dull and the volume at ready counter declined to 313.592 million shares as compared to 576.823 million shares traded a day earlier. Out of 373 active scrips, 138 closed in positive and 162 in negative, while value of 73 scrips remained unchanged on Tuesday. Followed by negative trend, market capitalisation decreased by Rs 21.46 billion to Rs 3.454 trillion from Rs 3.476 trillion.
TRG Pakistan was the volume leader with 31.3 million shares and gained Re 0.40 to close at Rs 4.36. Share price of Jah. Sidd. Co surged by Rs 1 to close at Rs 15.66 with 25.61 million shares. With trading volume of 24.2 million, share price of NIB Bank limited was down by Re 0.12 to Rs 2.91. JS Bank gained Re 0.42 to close at Rs 6.80 with 12.8 million shares.
Some 10.76 million shares of Azgard Nine were traded and its share price was increased by Re 0.11 to Rs 7.26 per share. JS investment also gained Rs 1 to Rs 8.43 with trading volume of 10.19 million shares. Share price of Arif Habib Co was up by Re 0.17 to close at Rs 32.63 with trading volume of 10.13 million shares. Samba bank and Soneri Bank gained Re 0.36 and Re 0.24 to close at Rs 2.95 and Rs 6.75 with trading volume of 10 million and 9.15 million respectively. In addition, share price of Fauji Cement was down by Re 0.15 to close at Rs 5.30 with trading of 8.3 million shares.
UniLever Pak Ltd and Bata Pakistan were the highest gainers increasing by Rs 42.50 and Rs 15.33 to close at Rs 5,742.50 and Rs 648.33 respectively, while Indus Dyeing and Attock Petroleum were the worst losers declining by Rs 21.13 and Rs 6.05 to close at Rs 405.63 and Rs 437.34 respectively.
"Pakistan stocks closed lower amid institutional profit-taking in overbought market post major announcements at KSE", said Ahsan Mehanti an analysts and Director Arif Habib Investments. Consolidation continued in blue chip stocks and investors took positions mainly in second and third tier stocks, he added. Index closed near sessions lows on concerns for rising government debt and uncertain global commodities, he said.