KARACHI - Stocks closed lower amid higher trades led by second and third stocks after major fall in global stocks.
The Karachi stock market benchmark KSE-100 share index misplaced 61.45 points or 0.23 percent to end the day at 27002.89 points compared to 27064.34 points of the previous day.
Equity expert at Topline Samar Iqbal said consolidation was seen today after market has gained 7pc since beginning of this year.
Profit taking was seen in textile and cement stocks. Where Nishat Mills lost 2pc and DGKC closed 1.5pc down. Engro foods rallied amid short covering after the earnings announcement of Rs.1.14 for the year.
KSE-Allshare added 19.35 points or 0.10 percent to close the day at 20302.40 points,, KSE-30 share reduced 69.40 points or 0.35 percent to conclude the session at 19601.60 points while KMI-30 index off by 60.09 points or 0.13 percent to finish the session at 44716.71 points.
Trading took place in 419 companies where losers beat the gainers 199 to 209 while the value of 11 stocks remained intact. Highest increased reflected in the rates of Nestle Pak up by Rs 380.03 to Rs 11125.71 while the Unilever Foods was the biggest price loser of the day decreased by Rs 500 to Rs 9500.
Stock traded 239.847 million shares after opening at 399.931 million shares and the value of traded shares was minimised to Rs 9.749 billion after opening at 12.667 billion. Capitalisation of the equity market settled at Rs 6.623 trillion compared to Rs 6.615 trillion of a day earlier.
Analyst Ahsan Mehanti said concerns for security unrest in the country, dismal economic data, rising circular debt in energy sector played a catalyst role in bearish activity as investors awaited announcements on privatisation and 3G licence auctions in telecom sector despite concerns for security on unrest in the country.
In the active list Lafarge Pakistan was on the top with 13.969 million shares without any change stabled at Rs 11.15.
Fauji Cement was on the second position with 12.192 million shares off by Re 0.37 to Rs 16.08. It was followed by PTCLA with 11.600 million shares shed by Re 0.18 to Rs 29.02, KESC with 10.307 million shares down by Re 0.03 to Rs 6.59 and Power Cement Ltd with 9.741 million shares up by Re 0.59 to Rs 7.58.