KARACHI  - Stocks closed lower amid concerns for political standoff against protesters across the country.

At local bourse benchmark 100-share index shed 74.38 points or 0.26 percent to end the day at 28493.74 points compared to 28567.74 points of the last working day on Friday.

Ahsan Mehanti analyst at Arif Habib Corp said rupee instability, political deadlock impacted the sentiments amid support by state owned institutions, positive CPI data for August’14 at 6.99pcYoY supported to index. 

Fall in banking spreads, huge losses on political crisis played a catalyst role in bearish activity at KSE despite Supreme Court ruling on refund of GIDC for industrial sector.

KSE-Allshare index off by 51.20 points or 0.24 percent to stop the trading at 20963.25 points, KSE-30 index reduced by 65.27 points or 0.33 percent to conclude the session at 19812.61 points while KMI-30 index increased by 6.66 points or 0.01 percent to finish the trading at 46501.42 points.

The day turnover of stock market in term of shares was 122.976 million shares after opening at 187.806 million shares and the value of traded shares was reduced to Rs 6.110 billion from Rs 9.827 billion. The capitalisation of the local equity market maintained at Rs 6.710 trillion compared to Rs 6.726 trillion of the previous session.

Samar Iqbal equity expert at Topline Securities said, due to riots between police and protestors over the weekend, investors remained cautious. Market after falling by 1.4pc recovered partially in expectations of some kind of resolution after Supreme Court hinted the mediation between political rivals.

Trading took place in 325 companies where 121 closed in green and 185 in negative while the value of 19 stocks remained intact. Rafhan MaizeXD was the top price loser of the day decreased by Rs 275 to Rs 10500 followed by Bata (Pak) down by Rs 165 to Rs 3150. Wyeth Pak Ltd and Pak Tobacco were the biggest price gainers of the day up by Rs 167.89 to Rs 3528 and Rs 49 to Rs 1150.

Active list was topped by K-Electric with 19.549 million shares up by Re 0.46 to Rs 8.26. Maple Leaf Cement was the second highest on volume chart with 8.691 million shares gained Rs 1.02 to Rs 26.63. It was followed by JS Co with 7.677 million shares grew by Re 0.76 to Rs 8.84, Pak Electron Ltd with 7.370 million shares extended by Re 0.63 to Rs 29.33 and Bank of Punjab with 7.097 million shares higher by Re 0.19 to Rs 7.99.