Karachi  - The KSE 100-share index closed in red for the second consecutive session after making a new high earlier this week. The benchmark index lost 32.09 points or 0.12 per cent to close at 27083.12 points as compared to 27115.21 points of the previous day.

Syed Faran Rizvi, senior manager at JS Global, said volumes remained on the higher side with third tier stocks taking the lead. K-Electric became the volume leader after the material information announced that “K-Electric will set up Pakistan’s first ever 660MW Green Field Coal-Fired Plant with Harbin Electric International, China”.

Apart from POL which closed up 0.8% all the oil stocks witnessed profit taking where PPL, OGDC and PSO closed down 2.6%, 0.03% and 0.7% respectively. “We recommend investors to remain positive ahead of the monetary policy as speculators are expecting a rate cut (our official call for upcoming MPS is unchanged) considering the rupee appreciation and lower inflation,” he added.  KSE allshare-index shed 46.44 points or 0.23 per cent to close the day at 20133.60 points, KSE 30-index lost 138.03 points or 0.70 per cent to close the day at 19562.32 points while KMI-30 went up by 49.25 points or 0.11 percent to finish the day at 45392.73 points.  The day term of market was 284.273 million shares after opening at 313.298 million shares and the value of traded shares shrank to Rs 9.207 billion from Rs 13.809 billion. The capitalization of the market maintained at Rs 6.536 trillion as compared to Rs 6.557 trillion of the previous session. 

Equity dealer at KSE Arif Saya said market is in correction mode. Pressure was seen in textile stocks due to dollar depreciation although that would be controlled after successful negotiation between textile exporters and finance minister, he added. 

Out of 370 companies 186 closed in positive and 171 in negative while the value of 13 stocks remained intact. Highest increased was reflected in the price of Wyeth Pak Ltd SPOT, up by Rs 178.79 to Rs 4366.29, followed by Rafhan Maize SPOT, increased by Rs 99 to Rs 7750. Island Textile and Murree Brewery were the biggest price losers of the day, decreased by Rs 35 to Rs 1025 and Rs 34.52 to Rs 709.21.  Active lit was topped by K-Electrik Ltd with 37.439 million shares as it closed at Rs 6.72 after opening at Rs 6.28. It was followed by JS Co with 20.152 million shares, up by Re 0.73 to Rs 11.48, Byco Petroleum with 16.250 million shares, grew by Re 0.19 to Rs 12.49, Dewan Motors with 13.107 million shares, added Re 0.99 to Rs 7.55 and BOP with 12.588 million shares, misplaced by Re 0.35 to Rs 11.05.