KARACHI - Stocks closed lower amid institutional profit-taking in overbought scrips.
At Karachi stock exchange benchmark KSE-100 share index finished the day at 11949.75 level, shedding 41.63 points or 0.35 percent as compared to 1191.38 points a day earlier. KSE-Allshare index stopped the day at 8279.89 points down 26.73 points or 0.32 percent, KSE-30 index fell 49.28 points or 0.44 percent to end the day at 11132.12 points while KMI-30 index decreased 42.53 points or 0.20 percent to close the day at 21682.57 level. Market failed to sustain above 12,000 points level due to profit taking in oil stocks. PPL December result failed to meet investor’s expectations as a result selling was seen in exploration companies. Lucky and DGKC however performed well in expectation of good results, said Samar Iqbal Equity Dealer at Topline Securities.
Limited foreign interest, expectations for higher CPI inflation after hike in local energy prices, uncertainty in global stocks after IMF cuts its outlook on global growth due to eurozone debt crisis and fall in international oil prices played a catalyst role in negative close at KSE despite strong earnings announcement by Pakistan Petroleum, analyst observed.  Market traded 124.848 million shares after opening at 200.055 million shares, trading took place in 334 companies where 106 closed in positive and 136 in negative while the value of 92 stocks remain intact.
Jahangir Siddiqi Company was the volume leader of the day with 14.959 million share as it closed at Rs6.00 after opening at Rs6.61 followed by DGK Cement, Bank Al-Falah, Lotte PakPTA and Engro Corporation with turn over of 13.889 million, 7.607 million, 7.443 million and 4.344 million share respectively.  Nestle PakistanXD and Services Industries were the highest price gainer of the day up Rs 142.78 and Rs 9.95 while the top looser led by the Attock Petroleum and Pak Petroleum Limited down Rs 4.52 and Rs 2.56 respectively.