KARACHI

Profit-taking was seen at local bourse amid futures rollover and disappointed results from POL and ATRL.

The benchmark KSE-100 Index shed 151.59 points or 0.44pc to close at 34,386.86 points level on Wednesday. POL December earnings were below expectations while payout 150pc remained healthy. ATRL announced loss in December quarter.

Volumes decreased by 45pc to 235m shares, value also declined by 51pc of $152m (value Rs15b).

Stocks closed lower amid cautious activity on institutional profit-taking in overbought market, stated Ahsan Mehanti.  

Dismal earnings in oil sector on inventory losses impacted by falling international oil prices near to $45/barrel played a catalyst role in bearish activity at KSE.

Speculations on strong earnings expected in fertilizer and cement stocks supported the index to close above session lows despite pressure in selected stocks across the board in the future rollover week and weak sentiments following Moody’s Investor Services termed ongoing fuel crisis as credit negative, he added.

Relative to the previous day’s volume trade, substantially lower market volumes were witnessed today. In the cement sector, MLCF experienced a high volume trade with the stock witnessing a downside of 1.9pc as investors booked their profits owing to below expected earnings.

However, owing to the signing of an LOI (letter of intent) to set up a coal fired plant, LUCK continued its rally and generated investor interest. In the Oil & Gas sector, ATRL witnessed a sharp decline of 5pc following a disappointing result (loss of Rs6.36/share) as investors booked their profits, observed analyst Arhum Ghous.

Of total 367 active companies in session, 101 finished in advance, 246 in decline while 20 remained unchanged.

Jah.Sidd.Co was the volume leader in market with 15.86m shares and price per share Rs18.36, followed by K-Electric with 14.26m shares and price per share Rs8.86 and Maple Leaf Cement with 11.23m shares and price per share Rs49.26 were in limelight in market.