Index loses 113.83 points

After three days of a bullish trend, Karachi stock market on Thursday closed in negative zone owing to profit taking by the institutions. The bench mark KSE-100 index declined by 113.83 points to close at 13,831.47 points from 13,945.30 points. During the trading, KSE-100 index also hit intraday high level of 13,985.14 points and low level of 13,811.04 points.
Despite bearish trend in the share market, trading activity was improved and the volume at ready counter surged to 457.944 million shares as compared to 409.301 million shares traded a day earlier. Out of 374 active scrips, 146 closed in positive and 158 in negative, while value of 70 scrips remained unchanged on Thursday. Followed by negative trend, the market capitalisation decreased by Rs 26 billion to Rs 3.549 trillion from Rs 3.575 trillion.
Lafarge Pakistan was the volume leader with 33.02 million shares and gained Re 0.06 to close at Rs 5.17. Share price of Dera Ghazi Khan Cement was surged by Re 0.5 to close at Rs 39.12 with 39.59 million shares. With trading volume of 29.313 million, share price of Jah Sidd Company Limited was down by Re 0.99 to close at Rs 21.78. Fauji cement gained Re 0.18 to Rs 5.70 per share with 26.8 million shares.
Some 26.68 million shares of Dewan Cement were traded and its share price was increased by Re 1 to Rs 5.72 per share. With gain of Re 0.30 per share, Bank of Punjab share price closed at Rs 9.86 with trading volume of 20.84 million shares. Share price of the National Bank was up by Re 0.57 to close at Rs 46.97 with trading volume of 18 million shares.
Engro Polymer and Azgard Nine lost Re 0.24 and Re 0.80 to close at Rs 12.99 and Rs 9.22 with trading volume of 15.53 million and 15 million respectively. In addition, share price of IGI Ivv Bank was up by Re 0.51 to close at Rs 2.98 with trading of 15.63 million shares.
Indus Motor Company and Sanofi-Aventis were the highest gainers and increased by Rs 12 and Rs 7.60 to close at Rs 252 and Rs 159.61 respectively. While Nestle Pak and Rafhan Maize were the worst losers and declined by Rs 86.25 and Rs 58.64 to close at Rs 4,319.29 and Rs 2,608.36 respectively.
"Pakistan Stocks closed lower amid institutional profit taking in blue chip stocks ahead of major earning announcements due next week", said Ahsan Mehanti an analysts and Director Arif Habib Investments. He said that uncertainty over announcements on revised CGT regime and concerns over security in the city after Malir blast affected the sentiments. Speculations in cement stocks after rise in local and export prices and expectations for stronger earnings outlook in oil sector supported the market to close above its days low, he added.