KARACHI -Local bourse witnessed some profit-taking above 29,000 points mark after a rise of 3pc last week.

At KSE benchmark 100-index off by 155.32 points or 0.53 percent to end the day at 29094.12 points compared to 29249.45 points of the last working day on Friday.

Analysts said stocks closed bearish amid higher trades on institutional profit taking in blue chip stocks on global stocks uncertainty.

KSE-Allshare index reduced by 91.84 points or 0.42 percent to stop the day at 21765.98 points, KSE-30 index shed by 174.79 points or 0.85 percent to stop the trading at 20358.90 points while KMI-30 index misplaced 179.69 points or 0.38 percent to conclude the session at 47046.31 points.

Ahsan Mehanti at Arif Habib Corp said rising political uncertainty on PPO law approval, sluggish auto sales falling 5pc MoM in March ‘14, concerns over exports in textile and cement sectors and dismal earnings outlook played a catalyst role in bearish sentiments in overbought stocks at KSE despite improved economic data on trade deficit.

The day turnover in term of shares was 295.573 million shares compared to 309.799 million shares of the previous session and value of traded shares was minimised to Rs 11.503 billion from Rs 16.303 billion. Capitalisation of the stock market settled at Rs 6.999 trillion after opening at Rs 7.034 trillion.

Trading took place in 379 companies where losers outnumbered the gainers 201 to 154 while the value of 24 stocks remained intact. Rafhan Maize XD was the biggest price gainer of the day up by Rs 473.50 to Rs 9943.50 and the highest decreased reflected in the price of Unilever FoodsXD off by Rs 270.85 to Rs 8686.86.

Samar Iqbal Manager Equity Sales at Topline said, decline in global equity markets also forced investors to stay cautious as depicted by 29pc drop in volumes of Rs 11.5b. Selling pressure in MCB and UBL contributed 85 points to the total loss of 155 points to benchmark index. Investors also booked profits in oil stocks and cement sector. Whereas, institutional support helped PSO and Efert to report gains. PSO gained in expectations of getting another tranche from Government to reduce circular debt,. Efert closed at upper cap after government’s commitment for uninterrupted gas supply for next two months.

Lafarge Pak led the volume with 41.393 million shares off by Re 0.02 to Rs 13.72. JS Co was the second highest in top ten list with 40.727 million shares shed by Re 0.25 to Rs 13.20. It was followed by JS Bank Ltd with 21.840 million shares up by Re 0.93 to Rs 5.83, Pace (Pak) Limited with 8.821 million shares down by Re 0.06 to Rs 5.08 and Bank of Punjab with 8.142 million shares fell by Re 0.23 to Rs 10.87.