Bearish trend was witnessed at Karachi share market on Tuesday and the index declined by 72.68 points to close at the level of 11,796.09 points. Trading remained extremely low and the volume at ready counter declined to 50.592 million as compared to 58.479 million shares traded on Monday. Market capitalisation declined by Rs 19 billion to Rs 3.144 trillion.
Of 360 active scrips, 163 closed in negative and 112 in positive, while the value of 85 scrips remained unchanged. DG Khan (R) was the volume leader with 9.082 million shares and gained Re 0.35 to close at Rs 4.93. DG Khan Cement lost Re 0.15 to close at Rs 24.51 with 3.395 million shares.
Pak Reinsurance increased by Re 0.48 to close at Rs 19.80 with 2.176 million shares. Invest and Finance Sec gained Re 0.43 to close at Rs 7.93 with 1.961 million shares. Jahangir Siddiqui Co lost Re 0.17 to close at Rs 7.63 with 1.848 million shares. Engro Corp declined by Rs 1.58 to close at Rs 202.24 with 1.817 million shares. Fauji Fertiliser Bin Qasim decreased by Re 0.28 to close at Rs 40.99 with 1.591 million shares. Nimir Ind Chemical lost Re 0.21 to close at Rs 3.08 with 1.365 million shares. Azgard Nine gained Re 0.06 to close at Rs 7.80 with 1.115 million shares. Pace (Pak) inched up by Re 0.12 to close at Rs 3.43 with 1.023 million shares.
Rafhan Maize and Fazal Textile were the highest gainers increasing by Rs 52.46 and Rs 15.83 to close at Rs 2455.46 and Rs 335.04 respectively, while Unilever Pak and Nestle Pakistan were the worst losers declining by Rs 106.55 and Rs 22.23 to close at Rs 4932.74 and Rs 3506.53 respectively. Ahsan Mehanti at Arif Habib Investments said that bearish activity was witnessed with thin volume in the earnings announcement session at KSE.
He said that the limited foreign and institutional interest was witnessed on fall in global capital markets. He said that concerns for energy shortages in the country is affecting industrial sector despite rising global commodity prices and expectation of record earnings in oil and fertiliser sectors this quarter.
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