KARACHI - Stocks closed bearish at KSE amid concerns for deadlock on peace talks with TTP as ceasefire expires on Monday, experts observed here on Friday.

After increasing by 775 points in last 3 sessions, some profit-taking was seen which pushed index down by 50 points to close at 27116.13 levels.  Ahsan Mehanti analyst at Arif Habib said trade remained thin at KSE as institutional profit-taking in blue chip oil, cement, textile stocks impacted the sentiments ahead of quarter end close at KSE.

Concerns over exports in textile and cement sectors and dismal earnings outlook for fertilizer sector after ECC approval on fertilizers import played a catalyst role in bearish sentiments in overbought stocks at KSE, he added.

In a weekly review AVP equity sales at Topline Samar Iqbal said market gained 1pc in a volatile week with 10pc decreasing average volumes of PKR7.5b.

 In future roll over week, major news remained, Govt raising record Rs.530b amount in PIB auction, approval of IMF tranche of around $550m and expectations of further currency appreciation with increasing country foreign reserves, PPL’s discovery in Naushahro Feroz block, and Government’s decision of maintaining gas prices.

Total 170.778 million shares traded on the last day of trading week compared to 254.991 million shares of the previous day and the volume shrunk to Rs 7.232 billion from Rs 11.051 billion. The capitalisation of the market settled at Rs 6.573 trillion compared to Rs 6.567 trillion of a day earlier.

During the day 354 companies participated in the trading where 150 closed in positive and 185 in negative while the value of 19 stocks remained intact. Rafhan Maize XD was the biggest price gainer of the day up by Rs 451.50 to Rs 9481.50 and Unilever Foods added Rs 100 to Rs 9000. Bata (Pak) and Island Textile were the biggest price losers of the day decreased by Rs 24.61 to Rs 2775.39 and Rs 18.90 to Rs 1011.10.

Bank of Punjab was the volume leader of the day with 22.309 million shares as it closed at Rs 10.64 after opening at Rs 10.45. Summit Bank was on the second position with 10.046 million shares shed by Re 0.18 to Rs 3.08. It was followed by Faysal Bank with 8.964 million shares off by Re 0.32 to Rs 14.08, Lotte Chemical with 6.687 million shares down by Re 0.15 to Rs 7.21 and NIB Bank Limited with 5.623 million shares up by Re 0.01 to rs 2.35.