KARACHI – After rising by more than 500 points in the last few sessions, the Karachi stock market closed lower on Thursday on institutional profit-taking in overbought stocks.

The benchmark 100-share index shed 32.13 points or 0.28 per cent to close at 11,515.59 points as compared to 11,547.72 points of the previous session. KSE Allshare-index fell 19.07 points or 0.24 percent to end at 7979.01, KSE 30-index lost 40.28 or 0.38 percent to finish at 10,600.95 while the KMI 30-index decreased by 40.16 points or 0.19 per cent to finish the day at 20,867.15 points.

“OGDC which rallied in last few sessions fell by 2%. After many months interest was seen in low cap stocks like JSCL, LPCL and ANL,” analyst observed.

“Investor booked profits in bluechip stocks after 5 sessions of bullish close after bi-monthly policy announcement by SBP was delayed up to 11 Feb and Supreme Court adjourned hearing of PM Gilani on NRO implementation case to Feb 1,” said Ahsan Mehanti, Director Arif Habib Investment, in his analysis. “Index closed on its intra day lows despite strong recovery in global stocks and commodities on IMF lending plans to support Europe debt concerns,” he added.

Market traded 92.473 million shares from its opening at 83.732 million shares.

Trading took place in 322 stocks out of which 123 companies closed in positive and 113 in negative while the value of 86 remained intact.

Jahangier Siddiqi Company was the top traded company of the day with 15.809 million shares as it closed at Rs 5.16 after opening at Rs 4.45, followed by Lafarge Pakistan, Azgard Nine, D.G Khan Cement and Fatima Fertilizer Company with the turnover of  7.885 million, 5.991 million, 5.599 million and 5.409 million shares respectively.

Nestle PakistanXD and UniLever Pakistan Limited were the highest price gainers of the day, increased by Rs 153.54 and 73.12, while the top loosers were led by the Rafhan Maize Product and Millat Tractors Limited with the loss of Rs 60.49 and Rs 4.85 respectively.