Karachi  - Lack of local investors’ confidence and uncertainty pertaining to talks with Taliban continued to affect the market sentiment.
The market closed in red, down by 197 points to close at 25686.93 points compared to 25884.38 points of the previous day.
Equity expert at JS Global, Syed Faran Rizvi said UBL posted result above expectation but unable to support the market trend. Market breaks its major support trend line and 21 EMA that indicates more pressure in upcoming days
KSE-Allshare index off by 59.59 points or 0.31 percent to stop the day at 19239.25 points, KSE-30 index reduced by 180.86 points or 0.96 percent to finish the day at 18668.64 points while KMI-30 misplaced 453.13 points or 1.06 percent to conclude the session at 42434.56 points.  Day turnover of market in term of shares was 185.762 million shares. Volumes slightly dipped to Rs.6.597 billion from Rs 7.403 billion while the capitalisation of market settled at Rs 6.271 trillion. Analysts said concerns for dismal payouts and below expected earning announcements in energy sector, delays in privatisation of SOEs, and rising circular debt concerns in energy sector played a catalyst role in bearish activity at KSE despite rising global stocks and commodities.
Trading took place in 377 companies where losers beat the gainers 218 to 142 while the value of 17 stocks not changed. Nestle Pak was the biggest price gainer of the day increased by Rs 410.50 to Rs 9745 followed by Colgate Palmolive up by Rs 30 to Rs 1630. Bata (Pak) and Wyeth Pak Ltd were the top price losers of the day decreased by Rs 86.66 to Rs 3000 and 74.38 to Rs 4497.50. Hub Power company and Kot Addu Power company continued its slide after lower than expected December result announcements yesterday. United Bank result was slightly above market expectations, dealer observed.
TRG Pakistan Ltd led the volume with 20.379 million shares while the stock gained by 7.6pc. AICL gained 3pc with 9.861 million shares exchanged hands. LPCL lost 2.6pc with a volume of 9.844 million shares.