KARACHI - Stocks closed bearish amid higher trades amid institutional profit taking in overbought stocks.
At local equity market benchmark KSE-100 share index shed 35.88 points or 0.22 percent to close the day at 16,537.98 points as compared to 16,573.86 points of the last working day on Friday.
Equity dealers said in spite of lower than expected inflation number for the month of November no major activity was seen at local bourses. Investors preferred to book profits in banks amid hope that a further decline in policy rate will affect their margins.
Sui North witnessed huge volume after news that government may increase gas prices. BAFL also remained in the limelight as investors believed that the company may announce better dividend this year, dealers added.
KSE-Allshare index lost by 48.77 points or 0.42 percent to end the day at 11,642.75 points, KSE-30 share index decreased by 34.71 points or 0.26 percent to finish the day at 13,387.10 points while KMI-30 share index misplaced 53.33 points or 0.19 percent to conclude the day at 28,463.31 points.
Consolidation continued amid security concerns in the city and falling rupee-dollar parity despite favorable data for Nov’12 CPI which stood at 6.93pc and expected reduction in fertilizer sector taxes, experts observed.
Market traded 195.592 million shares after opening at 312.258 million shares and the value of traded share was decreased to Rs 5.375 billion from Rs 6.743 billion. Capitalisation of stock market settled at Rs 4.134 trillion as compared Rs 4.152 trillion of the previous session.
Trading took place in 379 companies where 179 closed in positive and 178 in negative while the value of 22 stocks remained intact. Nestle Pakistan Limited was top loser of the day down by Rs 232 to Rs 4,423 while the Island Textile was the biggest price gainer of day up by Rs 47.55 to Rs 998.73.
Sui North Gas was the volume leader of the day with 16.008 million shares shed Re 0.03 to Rs 24.13. Bank Al-Falah was on the second position with 14.642 million shares. It was followed by Fauji Cement with 13.012 million shares shed by Re 0.04 to Rs 6.91, JS Company with 12.054 million shares higher by Re 0.33 to Rs 17.56 and National Bank Pak with 8.265 million shares decreased by Rs 0.78 to Rs 49.08.