KARACHI  - Stocks closed bearish amid concerns for rising political uncertainty in Sindh province, analyst Ahsan Mehanti observed here on Monday.

The KSE-100 index benchmark shed 426.57 points or 1.60 percent to end the session at 26255.21 points compared to 26681.78 points of the previous day.

Concerns for outcome of peace talks with TTP, foreign selling in blue chip stocks and redemption by mutual fund investors triggered major sell off at KSE despite record earning announcements in fertilizer, cements and banking sectors.

Talking over the prevailing situation of the KSE renowned economic expert Shahid Hassan Siqqidui told The Nation Pakistani stock market never an economic barometer, in equity market all set by the renowned stock brokers who know what to do.

It is a common practice in our country where market results are against the situation as simple as that the uncertainty in any part of the world that brought negative impact in the market but situation in Pakistan is remained change because of influential cartels, he added.

Transparent investigation of 2005 and 2008 crises would prove that they were engineered, he said added that such sort of investigation would increase the interest of common people and it would also help out to create an economic barometer in market. The citing legislation had been done in 2008, when brokers were getting exemption in tax payments.

He pointed out that influential broker making the laws for their own interests through the manipulating of the laws as some of them have their own banks.  KSE-Allshare index off by 326.28 points or 1.64 percent to close the day at 19554.90 points, KSE-30 off by 269.44 points or 1.40 percent to close the trading at 18986.50 points while KMI-30 share index misplaced 617.12 points or 1.40 percent to finish the session at 43473.85 points. 

The day turnover of market in terms of shares was 287.513 million compared to 287.640 million of the previous session and the value of traded shares was climbed to Rs 8.423 billion from Rs 7.678 billion while capitalisation of the market settled at Rs 6.375 trillion.

Trading took place in 398 companies where losers outnumbered the gainers 326 to 56 while the value of 16 stocks remained intact. Rafhan Maize and Wyeth Pak Ltd were the biggest price losers of the day decreased by Rs 335 to Rs 6365 and Rs 239 to 4750. Bata (Pak) and Colgate Palmolive were the top price gainers up by Rs 27.50 to Rs 3057 and 25 to Rs 1675.

Active list was topped by JS Co with 42.304 million shares as it closed at Rs 13.63 after opening at Rs 12.90. Fauji Cement was on the second position with 13.694 million shares off by Re 0.47 to Rs 15.93. It was followed by Engro Fertilizer Ltd with 12.825 million shares down by Re 0.70 to Rs 49.28, K-Electric Ltd with 11.118 million shares off by Re 0.32 to Rs 6.18 and Bank of Punjab (R) with 10.013 million shares shed by Re 0.10 to Rs 2.52.