KARACHI - Stocks closed lower amid thin activity on investor concerns for rising political uncertainty. Index down by 0.26pc to close at 29619.84 points.

At local equity market benchmark KSE-100 share index misplaced 77.95 points or 0.26 percent to end the day at 29619.84 points compared to 29697.79 points of a day earlier.  Samar Iqbal AVP at Topline Securities said market witnessed another range bound session with less participation. Textile stocks remained under pressure due to gas price increase by Ogra.

SSGC and SNGP remained active after Ogra approved gas price increase as its favourable for companies. Ecnec approval of Sukkur–Multan Motorway brought renewed interest in selected cement stocks, she added.

Volume inched up by 6pc to 77.706 million shares after opening at 73.045 million shares and the value of traded shares down by 9pc to Rs 3.662 billion from Rs 4.013 billion. The capitalisation of the market maintained at Rs 6.976 trillion compared to Rs 6.999 trillion of a day earlier.  Trading took place in 327 companies where 119 closed in positive and 186 in negative while the value of 20 stocks remained intact. Rafhan Maize was the biggest price loser of the day decreased by Rs 472.50 to Rs 11127.50 followed by Bata (Pak) down by Rs 78 to Rs 3170. Shezan Inter and Indus Motor  Co was the biggest price gainers of the day up by Rs 45.69 to Rs 1011.66 and Rs 18.31 to Rs 566.27.

An analyst said Ogra approval for hike in gas tariff up to 14pc impacting industrial sector, impact of revised GIDC levy on textile, fertilizer sectors played a catalyst role in bearish activity.

Upbeat data on cement dispatches and textile exports, $566m IMF receipt and bullish global stocks failed to impact bearish sentiments at KSE.

Active list was topped Faysal Bank with 4.947 million shares grew by Re 0.44 to Rs 16.63. JS Bank Ltd was the second highest on volume chart with 4.742 million shares up by Re 0.12 to Rs 06. It was followed by Sui North Gas with 4.581 million shares added Re 0.10 to Rs 23.49, Fauji Cement with 3.634 million shares off by Re 0.29 to Rs 19.60 and Bank Al-Falah with 3.464 million shares added Re 0.57 to Rs 28.18.