Our Staff Reporter

KARACHI - After rallying by 520 points in last 2 days, market took some correction as investors preferred to book profit and index closed below the psychological level of 12,000.

At local market the benchmark KSE-100 index ended the day at 11991.38 points, decreased 46.28 points or 0.38 percent as compared to 12037.66 level of previous session. KSE-Allshare index finished the day at 8306.62 points fell 26.03 points or 0.31 percent, KSE-30 index down 39.98 points or 0.36 percent to stop the day at 11181.40 points while KMI-30 index shed 211.25 points or 0.96 percent to close the day at 21725.10 level.

POL, OGDC and FFC saw profit taking by leading institutions. On the other hand Engro closed near to its upper circuit breaker amid hope of better full year result, analyst observed.

Expectations for rise in local POL prices and investors interest in blue chip banks, selected fertilizer stocks showed recovery in the index to close above its intra day lows despite concerns for rising circular debt in Pakistan energy sector and uncertain political outlook pending memo scandal judicial commission hearings, said Ahsan Mehanti, analyst at Arif Habib Corporation.

Investor booked profits in blue chip stocks after bullish sessions ahead of major corporate announcements due this week, he added. 

Trading took place in 370 stocks where 126 in positive and 131 in negative while the values of 113 companies remained unchanged. Market traded 200.055 million shares from its opening at 230.138 million shares.

Jahangir Siddiqi was the volume leader in share market with 30.339 million share as it close at 6.61 after opening at 6.49 followed by the Bank Al-Falah, Lotte PakPTA, Fatima Fertilizer Company and DGK Cement with turn over of 17.096 million, 9.922 million, 8.750 million and 8.641 million shares respectively.  Engro Corporation and Linde Pakistan Limited were the highest price gainer of the day up by Rs 5.41 and Rs 5.13 while the top looser led by the Nestle PakistanXD and Colgate Palmolive down by Rs 75 and Rs 28.31 respectively.