A bearish trend continued on the Karachi share market on Tuesday and the index declined by 127.79 points to close at 11,767.00 points due to selling by both local and foreign investors. The market opened on a negative note and the index hit 11,751.41 points intra-day low level.
Trading remained low and the volume at ready counter declined to 28.368 million shares as compared to 31.097 million shares traded on Monday. Market capitalisation declined by Rs 32 billion to Rs 3.061 trillion. Of 320 active scrips, 150 closed in negative and 73 in positive, while the values of 97 scrips remained unchanged.
Fauji Fertiliser Bin Qasim was the volume leader with 2.396 million shares, losing Rs 1.58, to close at Rs 58.04. In the other fertiliser sector stocks, Fatima Fertiliser, Fauji Fertiliser and Engro Corp declined by Re 0.23, Rs 2.57 and Rs 2.41 to close at Rs 22.78, Rs 170.81 and Rs 129.08 with 2.327 million shares, 0.919 million shares and 0.892 million shares respectively.
In the banking sector, Bank Al Falah, NBP, NIB Bank and MCB Bank decreased by Re 0.14, Re 0.82, Re 0.01 and Rs 1.93 to close at Rs 11.90, Rs 43.70, Rs 1.32 and Rs 157.69 with 2.366 million shares, 1.300 million shares, 1.158 million shares and 0.895 million shares respectively. Lotte Pakistan PTA lost Re 0.31 to close at Rs 10.32 with 1.577 million shares. JOV&Co declined by Re 0.08 to close at Rs 1.18 with .943 million shares.
Unilever Pak and Linde Pakistan were highest gainers by Rs 37.30 and Rs 2.68 to close at Rs 5399.70 and Rs 103.07 respectively, while Bata (Pak) and Nestle Pakistan were worst losers by Rs 37.38 and Rs 23.65 to close at Rs 710.34 and Rs 2955.74 respectively. Ahsan Mehanti at Arif Habib Investments said that bearish activity was witnessed at the local bourse with extreme low volume. Across the board selling forced the index into deep red which remained in negative throughout the session.
He said that fall in global stocks and commodities on prevailing Europe and US debt crises played a catalyst role in steep fall in the index. The investors remained cautious ahead of SBP policy announcement next week despite hopes for ease in circular debt concerns in the country.