KARACHI  - Stocks closed lower amid institutional profit taking at KSE. At the last day of trading week benchmark off by 1.09 points to end the day at 29249.45 points compared to 29250.54 points of the previous day.

Concerns over exports in textile and cement sectors and dismal earnings outlook for fertilizer sector impacted by ECC approval on fertilizers import played a catalyst role in bearish sentiments in overbought stocks at KSE despite support in telecom stocks on $1.3b auction for 3G/4G licences this month, said Ahsan Mehanti Equity expert at Arif Habib Corp.

Equity expert said market rallied 841 points during the week with volumes in rupee terms also rose by 17pc to Rs.13b on average. Bullish sentiment was supported by continued healthy foreign inflows ($27m net inflows 6-10 Apr), extraordinary interest for Eurobond offer which fetched $2b in one attempt. KSE-Allshare index up by 18.20 points or 0.08 percent to close the day at 21857.82 points, KSE-30 index shed by 36.95 points or 0.18 percent to conclude the session at 20533.69 points while KMI-30 index reduced by 90.66 points or 0.19 percent to finish the session at 47226 level.  Samar Iqbal Manager Equity Sales at Topline Securities said, market snapped 10 days rally with 8-month high volumes in Rs16b amid interest in PSO, ATRL and Engro.

 Government assurance of 3G/4G bandwidth auctions on time brought renewed interest in PTC which gained 1.8pc with 9mn shares exchanged hands. Bourse traded 309.799 million shares on Friday after opening at 350.367 million shares and the value of traded shares was climbed to Rs 16.303 billion from Rs 15.765 billion while the capitalisation of the market maintained at Rs 7.034 trillion compared to Rs 7.029 trillion of a day earlier.   Trading took place in 367 companies where losers outnumbered the gainers 218 to 129 while the value of 20 stocks remained intact. Rafhan XD was the biggest price gainer of the day up by Rs 120 to Rs 9470 followed by Sanofi-Aventis SPOT up by Rs 51.21 to Rs 1075.49. Downhill trend were led by Bhanero Tex and Archroma Pak down by Rs 40.45 to Rs 768.95 and Rs 12.48 to Rs 336.05.

JSCL topped the active list with 45m shares witnessed Re0.50 increase, followed by PACE with 18m shares gained by Re0.01 and LPCL with 17m shares traded price declined by Re0.08.