Karachi - Market continued to slide amid prevailing weak sentiment. KSE 100-index shed another 180 points to close at 25506.80 points compared to 25686.93 points of the previous day.
An equity dealer said Hubco and NCL kept on sliding after their lower than expected results a day before. Hubco lost 4pc in share value while NCL closed at 5pc lower limit. Profit taking was also witnessed in index heavy weight OGDC which lost Rs.2 and PSO which closed 1.4pc down.
KSE-Allshare index misplaced 159.75 points or 0.83 percent to end the day at 19079.51 points, KSE-30 share index off by 101.70 points or 0.54 percent to end the day at 118566.94 points while KMI-30 share index reduced 340.41 points to conclude the session at 42094.15 points.
Out of 366 companies, only 114 closed in green while 229 closed in negative while the value of 23 stocks remained intact. Highest increased reflected in the price of Unilever Foods up by Rs 350 to 9350 follow by Pak Tobacco grew by Rs 18.94 to Rs 640. Nestle Pak and Rafhan Maize were the top price losers decreased by Rs 487.25 to Rs 9257.75 and Rs 214.92 to Rs 7275.08. Stock traded 196.928 million shares after opening at 185.762 million shares and the value of the traded shares jumped to Rs 6.625 from Rs 6.597 while the capitalisation of the KSE stable at Rs 6.219 trillion. Analysts said that stocks closed lower amid thin trade post major earning announcements at KSE after PM approves air-strikes in NW. Economic uncertainty, rising current account deficit, dismal corporate sector payouts and concerns for rising circular debt played a catalyst role in bearish activity a KSE, they added. Small cap stocks witnessed healthy volumes as 28 million shares traded in BOP Rights followed by TRG Pakistan with 26 million shares up by Re 0.86 to Rs 12.61, Lafarge Pak with 9.612 million shares higher by Re 0.25 to Rs 10.66, JS Co with 9.205 million shares off by Re 0.5 to Rs 12.08 and Hub Power Co with 7.341 million shares misplaced Rs 1.60 to Rs 54.30.