karachi
Stocks closed bearish amid thin trade on political uncertainty after MQM decision to quit coalition government in Sindh.
Banks cannot invest more than 30 percent of their paid up capitals as per SBP regulation also a reason which supported bearish spell at local bourse, market sources informed The Nation.
The Karachi equity market benchmark KSE-100 share index shed 171.98 points or 0.58 percent to end the day at 29711.12 points compared to 29883.10 points of the last working day on Friday.
Faran Rizvi equity expert at JS Securities said huge foreign out flow continued selling pressure in stocks market which created uncertainty in market. Market would likely to correct in upcoming days and touch the level of 28500.
KSE-Allshare index misplaced 107.16 points or 0.49 percent to stop the trading at 21887.59 points, KSE-30 index reduced 151.63 points or 0.76 percent to conclude the session at 19770.04 points while KMI-30 index fell by 392.85 points or 0.82 percent to conclude the session at 47601.25 points.
Market traded 126.966 million shares after opening at 159.550 million shares and the value of traded shares was declined to Rs 6.187 billion from Rs 7.256 billion. The capitalisation of the market maintained at Rs 6.917 trillion after opening at Rs 6.954 trillion of the previous session.
Ahsan Mehanti analyst at Arif Habib Corp said rising political noise, bearish trend in global equities and commodities and uncertain outlook on SOEs privatisation programme played a catalyst role in bearish activity.
Trading took place in 384 companies where 108 closed in positive and 265 in negative while the value of 11 stocks remained intact. Bata (Pak) was the top price loser of the day decreased by Rs 173.55 to Rs 3488.94 followed by Fazal Textile down Rs 31 to Rs 851. Nestle Pak and Colgate Palmolive were the biggest price gainers of the day increased by Rs 100 to Rs 8100 and Rs 74.45 to Rs 1598.
Active list was topped by Lalpir Power with 11.223 million shares as it closed at Rs 19.22 after opening at Rs 19. Dewan Motors was the second highest on volume chart with 10.014 million shares up by Re 0.38 to Rs 10.58. It was followed by Pak Int.Bulk with 6.889 million shares off by Rs 1.33 to Rs 22.63, Ghani Automobile with 5.693 million shares marginally up by Re 0.04 to Rs 6.39 and TRG Pak Ltd with 4.369 million shares off by Re 0.63 to Rs 10.87.