karachi

Stocks closed lower amid bearish activity in oil and telecom scrips on dismal earnings outlook.

At local equity market benchmark KSE-100 share index further shed 16.85 points or 0.06 percent to end the day at 29694.27 points compared to 29711.12 points of the previous day.  Ahsan Mehanti analyst at Arif Habib Corp said ICH withdrawal impact on LDI revenues of PTCL, fall in global oil benchmark towards $86 at four year low and rising political uncertainty played a catalyst role in bearish activity despite Supreme Court approval on OGDCL 10pc shares sell off and current account surplus in Sep’14 owing to home remittances and CSF receipts. KSE-Allshare index off by 28.96 points or 0.13 percent to close the trading at 21858.63 points, KSE-30 index reduced by 24.94 points or 0.13 percent to conclude the session at 19745.10 points while KMI-30 index off by 97.69 points or 0.21 percent to finish the session at 47503.56 points.

The day turnover of market was 143.817 million shares after opening at 126.966 million shares and the value of traded shares was climbed to Rs 6.242 billion from Rs 6.187 billion. The capitalisation of the market maintained at Rs 6.906 trillion compared to Rs 6.917 trillion of the previous session. An equity expert said index remained affected amid fall in oil sector as investors kept on trimming their portfolios in the sector. Renewed interest in banks and cements stocks was seen in expectation of better September results. MLCF remained highly active in better earnings expectations for Sep quarter. 

Trading took place in 402 companies where 175 companies closed in green and 209 in negative while the value of 18 stocks remained intact. Unilever Foods was the top price loser of the day decreased y Rs 461.90 to Rs 8776.10 followed by Bara (Pak) reduced by Rs 63.94 to Rs 3425. Nestle Pak and Exide (PAK) were the biggest price gainers of the day up by Rs 200 to Rs 8300 and Rs 63.90 to Rs 1342.90.

Dewan Motors topped the active list with 11.375 million shares off by Re 0.60 to Rs 10.09. Maple Leaf Cement was the second highest on volume chart with 10.338 million shares grew by Re 0.71 to Rs 29.21. It was followed by Hira Textile with 7.316 million shares up by Re 0.72 to Rs 13.22, TRG Pak Ltd with 5.840 million shares added Re 0.04 to Rs 10.70 and Askari Bank with 5.747 million shares increased by Re 0.15 to Rs 22.35.