The Karachi stocks market witnessed a bearish activity on Wednesday amid higher trades on institutional profit-taking in overbought market after global markets fall on slower economic growth in China and Greece debt concerns. “The stocks closed lower amid consolidation in blue chip stocks after major earning announcements at KSE,” viewed Ashen Mehanti, a director at Arif Habib Securities. The day saw the benchmark KSE 100-share index losing 79.39 points to close at 13,244.95 points against a record 13,324.34 points of Tuesday. “The index closed near sessions lows on concerns for rising government debt over and uncertain global commodities post major announcements,” said Mehnati.
The total traded shares at the ready-counter were counted at 318.609 million shares compared to 250.514 million shares of the previous session. The trading value eased down to Rs7.058 billion from the previous Rs7.692 billion. The market capital also downed to Rs3.440 trillion against Rs3.454 trillion of the previous day. Of the total 363 traded scrips, 181 gained, 114 lost while 68 remained unchanged. The turnover in future contracts remained down and decreased to 15.374 million shares from Tuesday’s 16.931 million shares. Fauji Cement topped the volumes leaders’ list by counting its traded shares at 31.173 million shares each priced at Rs4.72 in the opening and Rs5.02 in the closing.
