The Karachi Stock Exchange (KSE) 100-share index shed 95.94 points or 0.85 percent to close at 11,166.10 points as compared to 11,262.04 points of the previous session. The KSE 30-share index declined by 99.93 points to close at 10,668.67 points as compared with 10,768.60 points.
"Sentiment remained bearish at KSE with record low volumes in the earnings announcement session," said Arif Habib Investments Ltd Director Ahsan Mehanti. "Investors remained concerned over volatile global capital and commodity prices after US economic slowdown and European debt crises." Concerns over release of next International Monetary Fund tranche for Pakistan's economic support and uncertain Pak-US relations after China's access to US copter played a catalyst role in the bearish sentiment, he added.
The market turnover went down by 51.91 percent to 25.90 million shares from its opening at 53.86 million shares. The overall market capitalisation fell 0.8 percent to Rs 2.976 trillion as against Rs 3 trillion. Losers outnumbered gainers 126 to 75, while 86 scrips were unchanged.
"Illiquid Nestle and Unilever negatively affected the 100-share index by contributing 52 points to the total loss of 96 points," said Topline Sec analyst Samar Iqbal. "Pak Gen remained in the limelight after announcing unexpectedly higher payout on Friday."
The KMI 30-share decreased 155.90 points to close at 19,920.67 points after opening at 20,076.57 points. The KSE all-share index closed with a loss of 62.33 points or 0.80 points to close at 7,765.95 points as against 7,828.28 points.
"The curtailed local strength that has certainly reduced the sustainable multiples, kept the high-priced stocks under pressure, wherein majority of the frontline stocks failed to meet the market expectations of payouts and earnings in the recently announced results," said Aziz Fida Husein and Co analyst Husenin Asghar Ali. "Cold ties with the US are likely to lead to tougher conditions linked to the release of committed fund from US and other loan extending international organisations."
Pak Gen Power Ltd was the volume leader with 7.07 million shares as it closed at Rs 20.39 after opening at Rs 19.77, gaining 62 paisas. Nishat Mills Ltd traded 1.21 million shares as it closed at Rs 42.64 from its opening at Rs 43.32, shedding 68 paisas. NBP traded 1.15 million shares as it closed at Rs 45.56 as compared to its opening at 46.03, losing 49 paisas. Lotte Pakistan PTA traded 1.02 million shares as it closed at Rs 10.68 as against its opening at Rs 10.79, declining 11 paisas. staff report
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