KARACHI  - Bearish activity witnessed amid consolidation post major corporate earning announcements at Karachi Stock market on Tuesday. The benchmark KSE-100 share index remained negative with 76.55 point or 0.34 percent and market closed end the day at 22276.65 points as compared to 22353.20 points. Limited foreign interest, cautious activity ahead of SBP policy rate decisions after CPI data release for Oct’13 and limited development on privatisation of SOEs and 3G licence auction played a catalyst role in bearish sentiments, said analyst Ahsan Mahenti.

The KSE-All share index shed negative with 40.98 points or 0.25 percent at the end of day at 16248.21 points as compared to 16289.19 previous day, KSE-30 share index also down by 48.82 point or 0.29 percent to close to 16916 points while KMI-30 share index down by 81.06 points or 0.21 percent and closed at 37709.49 points. High and Low were 22461.28 and 22240.65 respectively. In spite of better result announcements market participants preferred to stay sidelines ahead of CPI announcement.

Volumes dried as only 80m shares of value of Rs.3b traded. Engro, PPL and NML announced their better than expected September results. Where Engro EPS remained 11.58, PPL showed 6.35 earnings and NML announced profit of 4.47 per share. Low priced shares like KASB Bank, JSCL and BoP remained the volume leaders with 20m shares exchanged hands in these 3 stocks only, stated Samar Iqbal Equity Sales Topline Securities.

The equity market has seen many ups and down during the second trading day of week and closed in the negative zone.