KARACHI: Karachi Stock Exchange ended lower amid thin activity. Index went down by 77.95 points closing at 29619.84 points against 29697.79 points a day earlier.
At local equity market benchmark KSE-100 share index misplaced 77.95 points or 0.26 per cent. Market witnessed another range bound session with less participation. Textile stocks remained under pressure due to gas price increase by Ogra.
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SSGC and SNGPL remained active after Ogra approved gas price increase as its favourable for companies. ECNEC approval of Sukkur-Multan Motorway brought renewed interest in selected cement stocks.
Volume inched up by 6 per cent to 77.706 million shares after opening at 73.045 million shares and the value of traded shares down by 9 per cent to Rs 3.662 billion from Rs 4.013 billion. The capitalisation of the market maintained at Rs 6.976 trillion compared to Rs 6.999 trillion of a day earlier. Trading took place in 327 companies where 119 closed in positive and 186 in negative while the value of 20 stocks remained intact. Rafhan Maize was the biggest price loser of the day decreasing by Rs 472.5 to Rs 11,127.5 followed by Bata (Pakistan) down by Rs 78 to Rs 3,170. Shezan Inter and Indus Motor Company were the biggest price gainers of the day up by Rs 45.69 to Rs 1,011.66 and Rs 18.31 to Rs 566.27.
An analyst said Ogra approval for hike in gas tariff up to 14 per cent impacting industrial sector, impact of revised GIDC levy on textile, fertilizer sectors played a catalyst role in bearish activity.
Upbeat data on cement dispatches and textile exports, $ 566 million IMF receipt and bullish global stocks failed to impact bearish sentiments at KSE.
Active list was topped by Faysal Bank with 4.947 million shares growing by Rs 0.44 to 16.63. JS Bank Limited was the second highest on volume chart with 4.742 million shares up by Rs 0.12 to 6. It was followed by Sui North Gas Pipeline Limited with 4.581 million shares adding Rs 0.10 to 23.49, Fauji Cement with 3.634 million shares off by Rs 0.29 to 19.60 and Bank Al-Falah with 3.464 million shares adding Rs 0.57 to 28.18.
