KARACHI - Stocks closed bearish on Wednesday, led by oil scrips after Brent crude oil prices fell to five year lows.

Falling global equities, institutional profit taking on weak earnings outlook in oil sector played a catalyst role in bearish activity at KSE despite support in selected cement stocks on falling trend in coal prices, said market analyst Ahsan Mehanti.

The benchmark KSE 100-index plummeted by 302.51 points or 0.94 per cent and closed the trading day at 31781.65 points. “Political noise after MQM hinted of protest affected equity prices. Drug companies, which were rallying from last few sessions, fell sharply. ABOT, FEROZ, SEARL fell to lower limits. Some profit taking was also seen in oil stocks amid continuous falling global oil prices,” Samar Iqbal at brokerage house Topline said. The KSE-allshare index declined by 267.56 points or 1.15 per cent and settled at end of day at 23073.29 points, KSE-30 fell by 131.42 points or 0.63 percent and concluded at 20681.42 points whereas KMI-30 dropped by 255.96 points or 0.50 percent and closed at 50751.91 points.

Volumes declined to 258mnshares, while value decreased to USD138m (value Rs13.8b) Total volume traded in the market was 288,676,867 and in terms of value it was 16,570,912,058.

 The total traded companies were 376, out of them 81 advanced, 280 showed decline while 15 remained unchanged.

The K-Electric Ltd led the market with a volume of 34,012,000 and price per share of 8.71 (0.28), while Sui North Gas with a volume 4,452,000 of price per share of 26.82 (0.17) stood second and Japan Power with a volume 3,869,500 of price per share of 3.40 (0.15) was number three.

Nestle Pak with price per share of 8500.00 (-300.00), Rafhan Maize with price per share of 10325.00 (-176.82) and Colgate Palmolive per share of 1692.00 (-88.00) were among the decliners.