KARACHI - Institutional profit-taking witnessed in stocks across the board in the post-budget consolidation session ahead of policy announcement due this week.

The Karachi stock market benchmark KSE-100 share index misplaced 296.83 points or 1.34 percent to finish the day at 21919.63 points after opening at 22216.46 points of the previous day.

Analysts said limited foreign interest, economic uncertainty, concerns for impact of GST hike on corporate sector, gas shortage for textile and fertilizer sectors and security unrest in the country played a catalyst role in bearish sentiments at KSE.

KSE-Allshare index off by 173.26 points or 1.11 percent to stop the day at 15484.87 points, KSE-30 share index lost 265.55 points or 1.54 percent to finish the day at 17024.01 points while KMI-30 share index decreased by 265.25 points or 0.70 percent to end the day’s trading at 37479.26 points.

Consecutive selling in last two days by foreign fund managers cause index to fell below the 22,000 points level. Index heavy weight MCB fell by more than Rs.12 forcing index to come down by 103 points due to fall in MCB alone. Profit-taking was also seen in other oil stocks while selective buying was witnessed in cement stocks after increase in price of cement bags, dealers observed.

Market traded 346.552 million shares on Tuesday compared to 377.777 million shares of the last working day. Traded value of shares was climbed to Rs 9.450 billion from Rs 8.314 billion while the capitalisation of local equity market maintained at Rs 5.326 trillion compared to Rs 5.386 trillion of previous session. During the session 373 companies participated in the trading where 89 closed in positive and 262 in negative while the value of 22 stocks remained intact. Colgate Palmolive was the biggest price gainer of the day up by Rs 88 to Rs 1883 followed by Unilever Food increased by Rs 38 to Rs 4800. Bata (Pak) and Nestle Pak were the top losers of the day decreased by Rs 70 to Rs 1710 and Rs 49.51 to Rs 6599.

Bank of Punjab(R) was the top traded company of the day with 61.740 million shares as it closed at Rs 2.79 after opening at Rs 3.78. It was followed by Fauji Cement 29.090 million shares grew by Re 0.19 to Rs 13.26. It was followed by Lafarge Pakistan with 28.979 million shares higher by Re 0.12 to Rs 9.19, Bank Al-Falah with 18.905 million shares shed by Re 0.89 to Rs 18.05 and Maple Leaf Cement with 16.535 million shares shed by Re 0.38 to Rs 23.82.