KARACHI - Stocks battered at KSE on institutional profit-taking following foreign selling in oil stocks on strong rupee appreciation impacting oil exploration and energy stocks recording turnover in USD.

The benchmark KSE 100-share index lost 383.03 points or 1.41 per cent to end the day at 26765.49 points as compared to 27148.52 points of the previous day.

In weekly review, equity expert Samar Iqbal said market declined by 1.3% from last week while volumes also fell by 29% to Rs.8.38b. The sentiment was affected by global equity markets’ decline and no change in monetary policy. As a result of no change in policy rate renewed buying interest was seen in banking stocks. Analyst said concerns for dismal export outlook in cement and textile sector impacted the sentiments. Support remained in automobiles sector on strong sales outlook following revision in local rates.

KSE-allshare shed 249.31 points or 1.23 per cent to close the day at 20026.10 points, KSE-30 shed 348.77 points or 1.80 per cent to stop the day at 18990.38 points while KMI-30 misplaced by 604.01 points or 1.34 percent to finish the day at 44606.35 points.  Out of 349 companies, 116 closed in positive and 213 witnessed decline in share prices while the value of 20 stocks remained intact.

 Rafhan Maize XD was the biggest price gainer of the day, up by Rs 224.80 to Rs 7999.80, followed by Nestle Pak, grew by Rs 179 to Rs 8980. Unilever foods and Bata were the top price losers of the day, decreased by Rs 90 to Rs 9000 and Rs 41.67 to Rs 2808.33.  Equity expert said institutional selling in index heavy weights OGDC, PPL and MCB pushed index down by over 260 points.

While investors also trimmed their positions in other sectors like banking, cements and textile. UBL however closed in green.  Active list was topped by TRG Pakistan Ltd with 14.782 million shares as it closed at Rs 15.17 after opening at Rs 14.83. It was followed by Bank Al-FalahXD with 11.662 million shares, off by Rs 1.13 to Rs 25.86, Lafarge Pak with 9.405 million shares, up by Re 0.02 to Rs 11.24, JS Co with 7.747 million shares, added Re 0.17 to Rs 10.99 and Adamjee Ins with 5.402 million shares, down by Re 0.07 to Rs 44.33.