KARACHI -Political uncertainty in the country and protest against government announced by Imran Khan and Dr Tahir ul Qadri supported bearish trend at Karachi stock marker, equity expert observed here on Monday.

At KSE benchmark 100-share index misplaced 291.50 points or 1.01 percent to close session at 28629.62 points compared to 28921.13 points of the last working day on Friday.

Samar Iqbal AVP at Topline said, institutional selling in UBL, PPL, PSO, NML and MCB pushed market down by 1pc. Moreover, with corporate result season coming to an end, investors preferred to book profits.

Auto stocks also went down on news that Government may reduce import duty on cars. Whereas, Packages closed at upper cap after announcing that its board approved to develop a real estate project at Lahore through its 100pc subsidiary.

KSE-Allshare off by 191.59 points or 0.89 percent to end the day at 21425.54 points, KSE-30 lost 223.89 points or 1.11 percent to conclude the trading at 19933.89 points while KMI-30 index reduced by 489.91 points or 1.06 percent to stop the day at 45529.91 points.

The turnover of market was 182.017 million shares after opening at 190.054 million shares and the value of traded shares was declined to Rs 8.099 billion from Rs 9.846 billion. The capitalisation of the market settled at Rs 6.866 trillion compared to Rs 6.926 trillion of the previous session.

Trading took place in 355 companies where gainers outnumbered the losers 249 to 88 while the value of 18 stocks remained intact. Nestle Pak XD led the downhill trend off by Rs 225 to Rs 8075 follow by Sanofi-Aventis XD down by Rs 45 to Rs 855. Phillip Morris Pak and Murree Brewery were the biggest price gainers of the day up by Rs 33.51 to Rs 703.83 and Rs 28.95 to Rs 640.68.

Summit Bank was the day volume leader with 27.564 million shares as it closed at Rs 4.41 after opening at 3.52. Follow by Lafarge Pak.XD with 10.265 million shares off by Re 0.36 to Rs 13.78, Adamjee Ins.XD with 8.434 million shares shed by Re 0.36 to Rs 48.15, Bank of Punjab with 8.073 million shares fell by Re 0.15 to Rs 10.37 and Askari Bank with 6.441 million shares down by Re 0.02 to Rs 19.13.