KARACHI - Stocks on Thursday closed lower at KSE amid institutional profit-taking in overbought market.

The KSE-100 index remained volatile today after an initial spike of 222 points to close at 33,456.74 points, down 0.1pc or 34 points. BAFL up 2.6pc generated investor interest today after it announced healthy earnings of Rs1.24/share and hence opened near its upper lock. Within the cement sector MLCF decline 2.3pc announced below expected result of Rs4.44/share. In contrast to MLCF, DGKC rose 1.5pc announced far more promising earnings of Rs12.27/share. OGDC down 0.5pc witnessed profit-taking after it announced expected earnings of Rs15.81/share and a dividend of Rs.1.75/share for 9MFY15. BYCO again remained amongst the volume leaders today along with BOP as investors anticipate healthy earnings, commented analyst Muhammad Mobeen at JS Global.

Some profit taking was seen at local bourse after a rise of 1.5pc yesterday.

Volumes traded were 348m shares value of Rs17b compared to month-to-date average volume of 279m shares value of Rs.14.5b.

Decent activity was seen in OMCs and IPPs like PSO and Hubco after Government shows its intentions to cap circular debt at Rs.250b.

LUCK, DGKC and MLCF announced their March quarter results. LUCK and DGKC earnings remained better than expectations. LUCK gained 1.3pc, DGKC up 1.7 pc. While MLCF saw profit taking and declined by 2.2pc.

OGDC March earnings remained as per analysts estimations. OGDC also announced Rs.1.75 dividend, observed Mohammad Rizwan VP at Topline Securities.

Ahsan Mehanti at Arif Habib Corp said support in selected banking and oil stocks led the index to close above session lows. Renewed concerns for Yemen conflict, political uncertainty on prevailing judicial proceedings, and tense situation in NA-246 by-election of Karachi played a catalyst role in bearish activity at KSE.