KARACHI - Investors’ confidence was shaken as rumours of cash withdrawals from smaller bank affected overall market. After closure of a bank and its brokerage firm investors preferred to book profit, equity experts observed here on Thursday.
At local equity market benchmark KSE-100 share index lost 517.25 points or 1.63 percent to end the day at 31239.04 points compared to 31756.29 point of a day earlier. Samar Iqbal AVP Equity Sales at Topline Securities said rising political noise after the return of Qadri and the upcoming PTI protest also resulted in profit taking while cement stocks fell after rallying in last few days. Luck and DGKC lost over 3pc.
KSE-Allshare index off by 333.22 points or 1.43 percent to end the day at 22921.08 points, KSE-30 index fell by 344.95 points or 1.65 percent to finish the day at 20498.67 points while KMI-30 index misplaced 890.84 points or 1.74 percent to conclude the session at 50235.82 points.
Panic selling gripped KSE amid concerns for rising receivables in energy sector and unsettled suspension of major broker. Political uncertainty and dismal data on current account deficit rising to $1.76b for Jul-Oct’14 played a catalyst role in bearish activity at KSE , equity experts observed here.
The day turnover of market 253.595 million shares after opening at 282.304 million shares and the value of traded shares was declined to Rs 13.300 billion from Rs 17.837 billion. Capitalisation of the market maintained at Rs 7.219 trillion compared to Rs 7.324 trillion of a day earlier. Trading took place in 394 companies where 71 closed in positive and 310 in negative while the value of 13 stocks remained intact. Rafhan Maize was the biggest price gainer of the day up by Rs 321.33 to Rs 10421 followed by Island Textile up by Rs 44.49 to Rs 934.49.

Colgate Palmolive and Bata (Pak) XD were the top price losers of the day decreased by Rs 89.99 to Rs 1710 and Rs 84.90 to Rs 3115.10. Active list was topped by Hum Network XD with 26.130 million shares as it closed at Rs 16.39 after opening at Rs 18. JS Co was second highest on volume chart with 22.844 million shares off by Re 0.61 to Rs 14.84. It was followed by Maple Leaf Cement with 19.385 million shares fell by Re 0.53 to Rs 34.02, Sui South Gas with 10.033 million shares added Rs 1.49 to Rs. 32.13 and Adamjee Ins with 8.049 million shares reduced by Rs 2.56 to 47.04.