KARACHI  - The stock market closed bearish after US warning on funds delay upon NATO routes blockage. The benchmark KSE 100-index shed 120.21 points or 0.48 percent to close the day at 24878.68 points as compared to 24998.89 points of the previous day.

An analyst said speculations continued in stocks across the board as investors awaited update on release of coalition support funds and security assistance due to ease rupee instability on record low FX reserves.

Institutional support remained in selected stocks in fertilizer sector on expected availability of concessionary gas and cement sector on rising local prices.

KSE allshare-index lost 105.15 points or 0.57 percent to end the session at 18431.78 points, KSE 30-share index went down by 80.20 points or 0.43 percent to stop the day at 18639.79 points while KMI 30-share index shed 186.62 points or 0.45 percent to conclude the day at 41557.68 points.

The day turnover of stock market in terms of shares was 177.532 million after opening at 151.465 million shares and the value of traded shares reduced to Rs 7.926 billion as compared to Rs 7.994 trillion of a day earlier. Capitalization of the market settled at Rs 6.005 trillion compared to Rs 6.040 trillion of a day earlier.

A dealer said some pressure was seen at the bourse as benchmark index declined by 120 points to close at the level of 24,879. Participation remained on the lower side with daily average volumes at Rs7.9b.

Moreover, some profit taking was also witnessed in OGDC, POL, PPL and FCCL. On the other hand, positive news flow regarding PIA’s privatization attracted renewed investors’ interest, the stock rallied 8% to close at Rs 8.75. PIA also remained the volume leader with 27.5m shares traded while FCCL remained 2nd with trade of 13.6m shares followed by BIPL whose 11.5m shares exchanged hands during the day, he added. 

Trading took place in 355 companies where losers outnumbered the gainers by 192 to 139 while the values of 24 stocks remained intact. Nestle Pak was the biggest loser of the day, decreased by Rs 430 to Rs 8770, followed by Rafhan MaizeXD, off by Rs 400 to Rs 7700. Colgate Palmolive and Wyeth Pak Ltd were the top price gainers, up by Rs 88.20 to Rs 1852.20 and Rs 44.50 to Rs 4544.50. 

Active list was topped by PIAC(A) with 27.501 million shares, added Re 0.60 to Rs 8.75. Fauji Cement was on the second position with 13.593 million shares, shed Re 0.21 to Rs 13.44.

It was followed by Bankislami Pakistan with 11.537 million shares, grew by Re 0.17 to Rs 6.79, Bank Al-Falah with 9.389 million shares, off by Re 0.55 to Rs 25.55 and Engro Corporation with 8.496 million shares, up by Rs 2.56 to Rs 162.56.