KARACHI

Stocks closed lower amid institutional profit-taking ahead of protest rally called in by Pakistan Teheek-i-Insaf.

KSE share-100 index shed 63.97 points or 0.30 percent to end the day at 31223.74 points compared to 31316.96 point of the last working day.

Equity expert said political uncertainty, dismal data on LSM growth at 1.86pc YoY Jul-Sep '14 and impact on circular debt in energy sector for power tariff cut by Nepra played a catalyst role in bearish activity at KSE.

KSE-Allshare index misplaced 69.44 points or 0.344 percent to close the day at 20446.23 points, KSE-30 index off decreased by 63.97 points or 0.28 percent to conclude the session at 22940.42 points while KMI-30 index fell by 97.56 points or 0.19 percent to end the day at 50113.27 points.

Trading took place in 370 companies where 156 closed in positive and 194 in negative while the value of 20 stocks remained intact. Highest decreased reflected in the price of Rafhan Maize down by Rs 100 to Rs 10300 follow by Service Ind. Ltd reduced by Rs 49.71 to Rs 944.55. Exide (Pak) and Pak Tobacco XD were the top price gainers of the day increased by Rs 63.93 to Rs 1999.64 and Rs 32.97 to Rs 945.80.  

Market traded 159.856 million shares after opening at 200.496 million shares and the value of traded shares declined to Rs 10.839 billion from Rs 8.925 billion. The capitalisation of the market maintained at Rs 7.224 trillion compared to Rs 7.245 trillion of a day earlier.

A dealer said market kept on declining as investors remained skeptical ahead of PTI’s protest on Nov 30.  Late buying in Engro and PSO helped index recover early losses. Feroz continued to rally after the announcement that it will be a sole distributor of Hepatitis C medicine (Sovaldi) in Pakistan.

Active list was topped by JS Co with 16.175 million shares as it closed at Rs 16.41 after opening at Rs 16.15. PIAC(A) was the second highest on volume chart with 11.864 million shares off by Re 0.12 to Rs 7.06. It was followed by Maple Leaf Cement with 8.985 million shares added Re 0.67 to Rs 33.67, Engro Corp with 7.707 million shares extended by Rs 9.36 to Rs 207.57 and Hum Network XD with 7.510 million shares up by Re 0.15 to Rs 15.76.