A bearish trend was witnessed on the Karachi share market on Thursday due to selling by local investors and the KSE-100 index lost 8.48 points to close at 13,929.47 points. The foreign investors however remained net buyers of shares worth 3.31 million dollars.
The market opened in deep red and during the session the index dropped at 13,850.12 points intra-day low level. However, fresh buying in some selective stocks minimised the intra-day losses. Trading volumes at ready counter increased to 307.931 million shares as compared to 261.515 million shares traded on Wednesday. Total market capitalisation reduced by rupees three billion to stand at Rs 3.572 trillion. Of the total 382 active stocks, 166 closed in negative and 141 in positive while the value of 75 scrips remained unchanged.
Azgard Nine was the volume leader with 45.303 million shares however lost Re 0.15 to close at Rs 9.34. In the banking sector, Bank Al Falah gained Re 0.84 to close at Rs 16.90 with 30.260 million shares while BoP, NBP and JS Bank lost Re 0.06, Re 0.59 and Re 0.11 to close at Rs 9.49, Rs 47.73 and Rs 6.03 with 10.990 million shares, 8.054 million shares and 7.859 million shares respectively. Jahangir Siddiqui Co increased by Re 0.99 to close at Rs 18.83 with 26.167 million shares.
DG Khan Cement surged by Rs 1.91 to close at Rs 43.32 with 20.827 million shares, while Fauji Cement and Lafarge Pakistan declined by Re 0.22 and Re 0.03 to close at Rs 6.88 and Rs 5.41 with 19.463 million shares and 16.579 million shares respectively. Engro Foods increased by Rs 2.24 to close at Rs 47.08 with 7.606 million shares.
Rafhan Maize and Unilever Pak were the top gainers increasing by Rs 127.38 and Rs 96.40 to close at Rs 2717.88 and Rs 5930.00 respectively, while Nestle Pakistan and Attock Petroleum were the top losers declining by Rs 61.40 and Rs 13.30 to close at Rs 4318.45 and Rs 449.80 respectively.
Ahsan Mehanti at Arif Habib Corporation said Pakistan stocks closed lower in the earnings announcement session at KSE as investors await announcements on revised CGT regime. He said stronger corporate earnings in oil and cement sectors invited limited institutional support. The concerns loomed over uncertain economic outlook and limited foreign interest as global commodities showed falling trend, he added.