KARACHI - Bears once again took the charge of local equity market on Wednesday as stocks closed lower amid thin trade on institutional profit-taking in selected blue-chip scrips. The benchmark KSE 100-share index shed 107.77 points or 0.51 per cent to end the day at 21002.57 points as compared to 21110.34 points of the previous day.

Ahsan Mehanti at Arif Habib said limited foreign interest and economic uncertainty after IMF claims over unrealistic revenue targets and impact of imposition for new GST rate played a catalyst role in bearish sentiments at KSE despite rate cut of 50bps by SBP on June 22 and expectations for early resolution of circular debt crises and easing conditions on adjustments for mutual funds.

KSE allshare-index lost 27.04 points or 0.18 per cent to end the day at 14948.77 points, KSE 30-share index decreased by 113.98 points or 0.70 percent to finish the day at 16232.98 points while KMI 30-share index shed 85.788 points or 0.23 percent to stop the day’s trading at 36573.15 points.

During the session, 203.247 million shares were traded after opening at 211.827 million shares and the value of traded shares reduced to Rs 7.452 billion from Rs 9.378 billion. The capitalization of local equity market maintained at Rs 5.141 trillion compared to Rs 5.151 trillion of the previous day.

Stock dealer said June-end liquidity issue continued to affect local market in spite of the fact that Asian markets recovered. Index heavy weight MCB affected the benchmark index. Overall volume remained relatively low as most the investors are on the sidelines due to June closing.  Trading took place in 346 companies where losers beat the gainers by 160 to 159 while the values of 27 stocks remained intact. Colgate Palmolive was the biggest gainer of the day, up by Rs 85 to Rs 1835, followed by Attock Cement Limited, up by Rs 17.92 to Rs 557.7.

Wyeth Pak Limited and MCB Bank Limited.XD were the top losers of the day, decreased by Rs 19.50 to Rs 1600.50 and Rs 11.64 to Rs 244.43.

PTCLA was the top traded company of the day with 19.973 million shares, up by Re 0.37 to Rs 21.37. JS Company was on the second position with 16.943 million shares as it closed at Rs 11.68 after opening at Rs 11.59. It was followed by Bank Al-Falah Pakistan with 11.890 million shares, gained Re 0.30 to Rs 18.86, BOP with 11.416 million shares, shed Re 0.79 to Rs 12.54 and TRG Pakistan Limited with 10.999 million shares, grew by Re 0.48 to Rs 10.04.