Karachi - Profit taking was witnessed at KSE on strong rupee appreciation and major fall in global stocks and commodities following US Fed chairman’s rate hike remark in US, an analyst observed here on Thursday.

The benchmark KSE 100-share index shed 110.16 points or 0.40 percent to end the day at 27148.52 points as compared to 27258.68 points of the previous day. Ahsan Mehanti, analyst at arif Habib, said limited foreign interest, uncertainty over outcome of peace talks with TTP and conflicting remarks of NYT story against security agencies played a catalyst role in bearish sentiments despite improved economic data and record remittances for July-Feb’14

Textile stocks battered as rupee recovered sharply impacting export prospects for the sector followed by oil exploration and energy stocks recording turnover in USD, he added. 

KSE-allshare shed 113.06 points or 0.55 per cent to finish the day at 20275.41 points, KSE-30 lost 142.12 points or 0.73 per cent to end the day at 19339.15 points while KMI-30 fell by 265.60 points to conclude the session at 45210.36 points.

Of 369 active companies, 128 closed in positive while 217 declined. Market volume climbed to Rs 9.205b from Rs 8.552 billion while the turnover in term of shares was 176.415m as compared to 232.433m shares of a day earlier. Capitalization of KSE settled at Rs 6.544 trillion after opening at Rs 6.592 trillion of previous day.  Samar Iqbal, AVP equity sale at Topline, said followed by global equity markets’ decline, local bourse also fell by 0.4% with declining volume of 176m shares. Index heavyweight oil stocks OGDC, POL and PPL witnessed selling pressure amid falling international crude oil prices and continuous appreciation of local currency, while renewed buying interest helped oil marketing giant PSO gain by 2.1%.

He said cement stocks witnessed mixed trend as FCCL gained by 2% with healthy volume of 15.3m shares whereas Lucky declined by 2%. AICL declined slightly after announcing December quarter result (EPS 5.62, 10% cash dividend).  Fauji Cement XD was the volume leader of the day with 15.249 million shares as it closed at Rs 17.43 after opening at Rs 17.29. Lafarge Pak was on the second position with 9.958 million shares, added Re 0.02 to Rs 11.13. It was followed by Adamjee Ins with 9.390 million shares, shed Re 0.49 to Rs 44.94, Maple Leaf Cement with 8.927 million shares,

down by Re 0.09 to Rs 29.90 and Sui North Gas with 7.743 million shares, shed Re 0.16 to Rs 23.44.