KARACHI

Stocks closed lower amid institutional profit taking in blue scrips across the board as investors remained cautious ahead of earnings announcements.

The KSE benchmark 100 share index shed 124.17 points or 0.42 percent to end the day at 29353.12 points compared to 29477.29 points of the previous day.  Samar Iqbal AVP at Topline Securities said some improvement was seen in the volumes but overall activity remained dull, index down by 0.29pc during the session.

After T-Bill auction most investors are expecting no change in the upcoming policy rate. Index heavy weight PSO, LUCK and UBL affected benchmark index, she added.  KSE-Allshare index down by 85.23 points or 0.39 percent to finish the trading at 21621.96 points, KSE-30 index off by 83.39 points or 0.41 percent to stop the day at 20294.63 points while KMI-30 index misplaced 189.97 points or 0.40 percent to conclude the session at 47410.94 points.  

Trading took place in 309 companies where 207 closed in negative and 78 in positive while the value of 24 stocks remained intact. Bata (Pak) was the biggest price loser of the day decreased by Rs 74 to Rs3200 followed by National Foods decreased by Rs22.90 to Rs738. Island Textile and Sanofi-Aventis were the top price gainers of the day increased by Rs 42.99 to Rs 902.99 and Rs 35.60 to Rs 851.

The day turnover of market was 66.731 million shares after opening at 38.663 millions shares and the value of traded shares was climbed to Rs 2.790 billion from Rs 1.853 billion while the capitalisation of the market maintained at Rs 6.910 trillion compared to Rs 6.937 trillion of a day earlier.

Experts said political uncertainty, postponement of SBP policy announcement to July 19, gas tariff hike and GIDC levies for industrial sectors, slump in global stocks and commodities and limited foreign interest played a catalyst role in bearish activity. Reports on privatisation of OGDC issue over par, SBP announcement on reduction of export refinance rates positively impacted the sentiments at KSE, he added.  Active list was topped by K-Electric Ltd with 7.401 million shares off by Re 0.22 to Rs 8. Lafarge Pak was the second highest on volume chart with 5.391 million shares off by Re 0.27 to Rs 15.88. It was followed by Summit Bank (Con) B with 3.500 million shares up by Rs 10 to Rs 10, Fauji Cement with 3.029 million shares fell by Re 0.18 to Rs 19.47 and Bank of Punjab with 2.904 million shares shed Re 0.15 to Rs 8.75.