Index declines by 189.7 points

RECORDER REPORT

KARACHI: A bearish trend continued on the Karachi share market due to selling by local investors and the benchmark KSE-100 index declined by 189.70 points to close at 14,230.49 points.

The foreign investors’ interest however continued and they remained net buyers of shares worth 0.81 million dollars.

Due to less participation of local retail investors, trading activities also remained low as the volumes at ready counter further reduced to 236.945 million shares as compared to 268.853 million shares traded on Thursday. Total market capitalization declined by Rs 48 billion to stand at Rs 3.635 trillion. Of the total 357 active stocks, 223 closed in negative and 79 in positive while the value of 55 stocks remained unchanged.

PTCL was the volume leader with 43.586 million shares and gained Re 0.75 to close at Rs 16.08. DG Khan Cement declined by Rs 2.32 to close at Rs 44.51 with 25.036 million shares.

In the fertilizer sector, Fatima Fertilizer Co, Engro Corporation and Fauji Fertilizer Co plunged by Rs 1.08, Rs 5.68 and Rs 2.08 to close at Rs 25.06, Rs 107.99 and Rs 119.97 with 16.359 million shares, 10.374 million shares and 5.487 million shares respectively. Lotte Pakistan PTA lost Re 0.24 to close at Rs 9.53 with 10.324 million shares. Jahangir Siddiqui Co decreased by Re 0.95 to close at Rs 15.78 with 10.131 million shares.

Hub Power Company increased by Re 0.40 to close at Rs 38.32 with 9.238 million shares. KESC lost Re 0.13 to close at Rs 3.48 with 5.441 million shares. Arif Habib Co declined by Re 0.93 to close at Rs 34.07 with 5.263 million shares.

Colgate Palmolive and Shezan International were the top gainers increasing by Rs 45.46 and Rs 7.98 to close at Rs 964.21 and Rs 167.62 respectively, while Unilever Pakistan and Nestle Pakistan were the top losers declining by Rs 38.77 and Rs 13.51 to close at Rs 7201.23 and Rs 4160.49 respectively.

Ahsan Mehanti at Arif Habib Corporation said that stocks closed bearish on investors concerns over new restrictions on US aid and approved bill prohibiting goods and services procurement from Pakistan until resumption of Nato supplies.

He said limited foreign interest, fall in global stocks and commodities on Eurozone debt crises, power outrages to industrial sector and outstanding circular debt issues in Pakistan energy sector played catalyst role in bearish sentiments.