KARACHI - The stock market suffered heavy losses on Monday as fears grew over fate of foreign selling in oil and banking stocks.

The KSE 100-share index lost 374.08 points or 1.40 per cent to close at 26391.41 points, a 2-week low, as compared to 26765.49 points of the last working day on Friday.

Renowned equity dealer Aqeel Karim Dahedy said the prevailing selling pressure in the market was the result of Templeton’s fund liquidation which has highest investment in OGDCL. He said government going to invest in secondary market would be beneficial for the economy. Strong rupee is a good sign for the market and local bourse will progress in future.

KSE allshare-index shed 243.60 points or 1.22 per cent to stop the day at 19782.50 points. KSE-30 went down by 279.89 points or 1.47 per cent to close the day at 18710.49 points while KMI 30-index decreased by 589.82 points or 1.32 per cent to finish the session at 44016.53 points.

AVP equity sales at Topline Samar Iqbal said local bourse fell further amid news of further foreign selling in large cap stocks like OGDC, MCB, and PSO. Start of future roll over week also dented the sentiment while some cherry picking was seen in UBL and Engro Corporation.

Trading took place in 253 companies where losers beat the gainers by 236 to 94 while the values of 236 stocks remained intact. Nestle Pak was the biggest price loser of the day, decreased by Rs 130 to Rs 8850, followed by Bata (Pak), off by Rs 75 to Rs  2733.33. Rafhan Maize XD and Philip Morris Pak were the top price gainers of the day, increased by Rs 100.20 to Rs 8100 and Rs 26.88 to Rs 565.59. 

A market participant said following strong rupee appreciation this month, oil exploration and energy stocks received severe pressure from institutional and foreign investors.

Concerns for dismal export outlook in cement and textile sectors impacted the sentiments. Support remained in automobiles sector on strong sales outlook after falling in local prices, he added.

The day turnover of market in term of shares was 108.770 million shares after opening at 159.929 million shares and the value of traded shares reduced to Rs 6.532 billion from Rs 8.751. 

TRG remained the volume leader of the day with 9.713 million shares as it closed at Rs 14.17 after opening at Rs 15.24. FABL was on the second position with 5.783 million shares, up by Re 0.03 to Rs 13.23. It was followed by LPCL with 5.593 million shares, shed Re 0.23 to Rs 11.08.