Stocks fell amid profit-taking in selected stocks across the board as political noise grips the investors’ sentiments at KSE.
The KSE benchmark shed 156.54 points or 0.53 percent to end the day at 29380.50 points compared to 29537.04 points of the previous day.
Samar Iqbal AVP at Topline Securities said investors remained on the sidelines at the weekend where political temperature is still rising. Falling regional markets is also a cause of concerns for the investors. Benchmark index declined by 0.56pc, EFERT rallied amid unconfirmed news that they might get gas at subsidised rates, she added. KSE-Allshare index off by 119.28 points or 0.55 percent to finish the session at 21562.51 points, KSE-30 index misplaced 130.78 points or 0.64 percent to close the trading at 20429.69 points while KMI-30 index decreased by 302.74 points or 0.63 percent to stop at 47460.03 points.
Volume fell to 71.946 million shares after opening at 121.155 million shares and the value of traded shares was reduced to Rs 4.136 billion from Rs 5.968 billion while the capitalisation of the market maintained at Rs 6.906 trillion compared to Rs 6.948 trillion of a day earlier. Trade remained thin led by support in second and third tier banking stocks ahead of earning announcements due next week after banking spreads witnessed jump to 6.36pc, equity expert observed here. Concerns for rising circular debt in energy sector, reports for falling local dispatches in cement sector and uncertainty in global stocks amid deteriorating geo-political situation played a catalyst role in bearish activity, he added. Out of 338 companies 111 closed in positive and 207 in negative while the value of 20 stocks remained intact. Highest decreased reflected in the price of Rafhan Maize down by Rs 410 to Rs 10800 followed by Wyeth Pak Ltd off by Rs 149.99 to Rs 3050.02. Bata (Pak) and Bhanero Tex were the top price gainers of the day increased by Rs 38 to Rs 3417 and Rs 23.90 to Rs 513.90.
Active list was topped by Engro Fertilize Ltd with 8.344 million shares as it closed at Rs 57.13 after opening at Rs 56. Lafarge Pak was the second highest with 6.421 million shares fell by Re 0.15 to Rs 15.60. It was followed by National Bank with 3.057 million shares down by Re 0.17 to Rs 60.13, Hub Power Co with 3.023 million shares shed by Re 0.02 to Rs 60.08 and Fauji Cement with 2.977 million shares without any change settled at Rs 20.