KARACHI

Stocks fell on uncertainty over Federal budget announcements on Jun 3. Expected rise in energy and banking sectors withholding taxes in forthcoming budget amid concerns for tough fiscal deficit target of 5.3pc of GDP impacted the sentiments, equity analyst observed here on Tuesday.

At KSE benchmark 100 share index shed by 108.46 points or 0.37 percent to end the day at 28842.92 points compared to 28951.38 points of the previous day.

Samar Iqbal AVP at Topline Securities said selling in large cap in the absence of any news flow affected the benchmark index. Decline in OGDC, contributed 75 points to the total index loss of 120 points, whereas PPL and FFC also remained under selling pressure. KSE-Allshare index off by 130.56 points or 0.61 percent to finish the day at 21402.40 points, KSE-30 index fell by 139.85 points or 0.70 percent to end  the day at 19822.57 points while KMI-30 index reduced by 282.21 points or 0.61 percent to conclude the session at 45819.24 points.

Market traded 134.443 million shares after opening at 111.529 million shares and the value of traded shares was climbed to Rs 6.950 billion from Rs 6.297 billion. Market capitalisation was Rs 6.865 trillion compared to Rs 6.907 trillion of a day earlier.  Experts said pressure remained despite improved economic data. Rising circular debt in energy sector and gas shortfall for fertilizer sector played a catalyst role in bearish sentiments at KSE. Of 370 active companies, 147 closed in green while 201 declined while the value of 22 stocks remained intact.

Highest increased reflected in the price of Rafhan Maize XD up by Rs 278.25 to Rs 10499.25 and Bata (Pak) XD Rs 113.29 to Rs 3864.29. Wyeth Pak Ltd and Phillips Morris Pak were the top losers of the day down by Rs 205 to Rs 4095 and Rs 48.05 to Rs 912.95.  K-Electric Ltd remained the volume leader with 21.625 million shares up by Re 0.14 to Rs 7.24. Hascol Petrol Ltd was the second highest with 13.718 million shares as it closed at Rs 67.78 after opening at Rs 72.08. It was followed by Bank of Punjab with 8.427 million shares off by Re 0.20 to Rs 9.55, Pak Elektron LtdXB with 5.796 million shares up by Re 0.97 to Rs 23.90 and Lafarge Pak.XD with 3.673 million shares down by Re 0.06 to Rs 13.55.