KARACHI

Stocks closed lower on institutional profit-taking in selected stocks across the board as investors assess impact of revised GIDC levy on textile and fertilizer sectors.

The KSE benchmark 100-share index shed 24.78 points or 0.08 percent to end the day at 29676.80 points compared to 29701.58 points of he previous day.

Analysts at KSE said upbeat data on cement local dispatches and textile exports, recovery in oversold PTCL and SC favourable decision on Hubco refund claim of Rs1.9b supported the index to close above day’s low. KSE-Allshare index shed 62.20 points or 0.28 percent to end the day at 21958.04 points, KSE-30 index added 1.75 points or 0.01 percent to stop the day at 20470.83 points while KMI-30 index misplaced 10.23 points or 0.02 percent to conclude the session at 47849.57 points.  Volume increased by 46pc to 132.539 million shares compared to 90.727m shares of day earlier and the value of traded shares reduced to Rs 6.401 billion from Rs 6.961b while the capitalisation of the market maintained at Rs 7.017 trillion after opening at Rs 7.037 trillion. Range bound activity was seen as large cap stocks, which has been rallying for last 2 days, saw some profit taking like OGDC, PSO, MCB, UBL, LUCK closed in negative. PTC witnessed renewed interest as very soon LDI operators will meet to decide strategy regarding international call rates.

HUBC gained after Supreme Court decided the Rs1.9b tax case in favour of the company which will eventually increase dividend and earnings, a dealer observed.

Trading took place in 333 companies where 149 closed in green and 157 in negative while the value of 27 stocks remained intact.

 Colgate Palmolive and Pak Tobacco led the downhill trend decreased by Rs 50.78 to Rs 1740 and 41.39 to Rs 1223.61. Shezan Inter and Pak.Int.Cont were the biggest price gainers of the day up by Rs 21.60 to Rs 921.60 and Rs 13 to Rs 299.

Active list was topped by PTCL with 23.074 million shares as it closed at Rs 26.01 after opening at Rs 25.39. Telecard Limited was the second highest on the volume chart with 12.005 million shares up by Re 0.13 to Rs 4.20. It was followed by Sui South Gas with 9.686 million shares added Re 0.25 to Rs 37.25, PIAC(A) with 5.440 million shares up by Re 0.23 to Rs 7 and Kohinoor Textile with 5.045 million shares without any change settled at Rs 24.20.