KARACHI

Stocks on Wednesday closed lower on late session profit taking in selected scrips across the board post major earning announcements at KSE.

The KSE-100 Index went down by 84 points or 0.24pc to close at 35461.6 points level. Net outflow of $12m in the last two sessions hurt market sentiment.

The index took a roller coaster ride today where it remained strong till mid day, hitting up 0.63pc at its highest point, but took a nose dive to touch down 0.3pc at its lowest point. The market initially responded to the positive triggers but foreign selling shook investors’ confidence in the second half of the day. The cement sector responded to the drop in the international coal prices as the sector opened positive and remained till mid day.

Top scripts in the cement sector were LUCK up 1.35pc), ACPL 1.05pc) and Power 0.29pc respectively. The pharmaceutical sector remained depressed today ending its positive streak, where biggest laggards of the sector were ABOT down 2.13pc) and SEARL 2.01pc respectively, observed analyst at major brokerage.

Weak sentiments on falling global stocks and commodities, political uncertainty and dismal earnings outlook in oil and banking sectors played a catalyst role in bearish activity, stated analyst Ahsan Mehanti.

Major profit taking was witnessed in MCB, PKGS and KEL which were down by 2.5-4.6pc, analyst at Topline brokerage said. Traded volume today was down by 24pc to 210m shares, whereas, value declined by 17pc (Rs10.5b/ $103m). Major activity was witnessed in mid cap stocks like KEL, FFBL, DCL and ISL with traded volumes of 17.3m shares, 13.4m shares, 8.7m shares and 7.8m shares respectively.