Bears had a field day Thursday on the volatile share market where the KSE-100 index shed 286 points to close at 39,771 points. The benchmark index moved both ways to hit the intraday high and low of 40,214 and 39,742 points. Trading turnover remained almost flat at 239 million shares the value of which contracted to Rs 13.77 billion from the previous Rs 15.37 billion. Market capital stood lower at Rs 7.96 trillion while the foreign portfolio investment marked a positive trend of $2.98 million buying.
TRG Pakistan was the volume leader with 30 million shares. The issue rose in value to Rs 36.45 at close. Other most-traded scrips were K-Electric, Pace Pakistan, Nishat Chunian, Dewan Cement, SNGPL, Treet Corp, Engro Corp, SSGC and Dewan Motors. Futures trade stayed unchanged at 38.8 million contracts.
"The benchmark KSE-100 index declined by 286 points to close at the 39,771 level," said analysts at Topline Research. They said profit-taking was witnessed in heavyweight stocks such as Habib Bank and United Bank. The two banking stocks dipped 1.8 and 3 percent, dragging down the index by 104 points.
HBL announced its 2QCY16 earnings of Rs 6.9 billion (EPS Rs 4.7) along with a cash dividend of Rs 3.5/share in line with market expectations. Ahsan Mehanti of Arif Habib Corp said stocks closed lower amid pressure in bluechip stocks on concerns over political uncertainty. "Foreign outflows, govt refusal over waiver of GIDC levies on corporate sector and expected revision in industrial power tariff played a catalytic role in the bearish close," the analyst said.