KARACHI - Institutional profit-taking continued in stocks across the board post major earning announcements at KSE amid growing fears for possible hike in policy rate on rising CPI inflation data.

At local equity market benchmark KSE-100 share index shed by 113 points or 0.48 percent to end the day at 23487.23 points compared to 23600.23 points of the previous day.  An analyst said limited foreign interest, PM speech on economic challenges and power tariff rationalisation for industrial sector affected the sentiments despite strong earnings outlook. Higher government debt and uncertainty over rupee dollar parity played a catalyst role in bearish sentiments at KSE.

Consolidation continued in blue chip stocks during earning announcement session amid concerns for rising economic uncertainty, he added.  KSE-30 share index down by 88.87 points or 0.53 percent to close the day at 16804.95 points, KSE-Allshare index down by 63.83 points pr 0.35 percent to conclude the session at 18925.20 points while KMI-30 share index off by 174.61 points or 0.43 percent to finish the day’s trading at 40550.88 points. 

Market traded 182.675 million shares on Tuesday after opening at 155.883 million shares and the value of traded shares was rose to Rs 8.612 billion from Rs 8.575 billion. Capitalisation of the equity market maintained at Rs 5.786 trillion after opening at Rs 5.808 trillion.

Shares dealer at Topline Security M. Rizwan said falling regional stock market and currencies affected local bourse also. After rising at the beginning as Lalpir Power opened up 5pc on its first day, market saw profit taking at the end of the session. Cement stocks remained under pressure after Nepra issued official notification of increase in electricity rates.

During the session shares of 393 companies were traded where losers outnumbered the gainers 236 to 136 while the value of 21 stocks remained intact. Downhill trend was led by Rafhan Maize decreased by 245 to Rs 5050 and Rs 160 to Rs 6300. Indus Dyeing and Wyet Pak Limited were the top gainers of the day up by Rs 35 to Rs 780 and Rs 29.96 to Rs 2400.

Top ten scripts were headed by Bank of Punjab with 28.794 million shares as it closed at Rs 13.05 after opening at Rs 13.63. Fauji Cement was on the second position with 14.873 million shares shed by Re 0.26 to Rs 14.71.

 It was followed by Sui South Gas with 6.963 million shares up by Rs 1.24 to Rs 26.08, National Bank with 5.859 million shares reduced by Rs 1.29 to Rs 57 and Maple Leaf Cement with 5.597 million shares fell by Re 0.21 to Rs 28.29.