KARACHI – Stocks closed lower on Monday after SBP maintained status quo in September 2014 policy announcement on Saturday.
At Karachi Stock Exchange, benchmark 100-share index fell by 21.93 points or 0.07 per cent to end the at 29993.87 points as compared to 30015.80 points of last working day on Friday.
Ahsan Mehanti, analyst at Arif Habib Corp, said concerns for rising current account deficit data, falling FDI on political crisis and pending over Rs 230b circular debt in energy sector played a catalyst role in bearish activity at KSE.
Cement, pharma and auto sector stocks remained in lime light on rising local prices and positive outlook on reconstruction and rehabilitation activities following floods in Punjab.
The KSE-allshare shed 23.43 points or 0.11 per cent to end the trading at 21988.54 points, KSE-30 lost 30.37 points or 0.15 per cent to conclude the trading at 20581.62 points while KMI-30 decreased by 108.88 points or 0.22 percent to close the session at 48759.86 points.
The day turnover of market was 115.030 million shares after opening at 150.224 million shares and the value of traded shares declined to Rs 4.996 billion from Rs 5.220 billion while the capitalization of the market maintained at Rs 6.989 trillion as compared to Rs 6.997 trillion of the previous session.
Samar Iqbal, equity expert at Topline, said after resisting for few sessions, index fell below the 30,000 psychological mark in the absence of any market related triggers. While PAEL announced rights shares, price fell by 30 paisa with volume of 12mn shares.
Trading took place in 409 companies where 173 closed in green and 212 closed in negative while the values of 24 stocks remained intact.
Bata (Pak) and Colgate Palmolive XD were the top price gainers of the day, up by Rs 137.17 to Rs 3297.17 and Rs 60 to Rs 1510 while highest decrease was witnessed in the prices of Rafhan MaizeXD and Pak Tobacco, down by Rs 124.59 to Rs 10900 and Rs 50 to Rs 950. Active list was topped by Pak Elektron Ltd with 11.739 million shares as it closed at Rs 29.32 after opening at Rs 29.85.
Descon Chemical was the second highest on volume chart with 4.666 million shares, off by Re 0.27 to Rs 3.73. It was followed by Lafarge Pak with 4.535 million shares, down by Re 0.35 to Rs 16.80, Ghani Automobile with 4.311 million shares, added Re 0.91 to Rs 5.09 and Dewan Motors with 4.015 million shares, fell by Re 0.63 to Rs 6.72.