Bearish activity witnessed at KSE on thin activity amid concerns for new taxes. Index down by 0.31 per cent.

The KSE benchmark 100-share index off by 90.98 points or 0.31 percent to end the day at 29528.96 points compared to 29619.84 points of the last working day on Friday.

Experts observed that Ogra approval for hike in gas tariff, impact of revised GIDC levy on textile, fertilizer sectors and concerns for SNGPL new gas load management schedule in Punjab played a catalyst role in bearish activity.

Upbeat data on cement local dispatches and rising textile exports to impact bearish sentiments in the corporate earnings announcement session at KSE, further he added.

KSE-Allshare index off by 67.74 points or 0.31 percent to close the day at 21759.50 points, KSE-30 index misplaced 34.65 points or 0.17 percent to end the day at 20401.57 points while KMI-30 index reduced by 127.84 points or 0.27 percent to conclude the session at 47780.66 points.

Stock traded 77.298 million shares after opening at 77.706 million shares and the value of traded shares was climbed to Rs 3.248 billion from Rs 3.662 billion. Capitalisation of the market maintained at Rs 6.954 trillion compared to Rs 6.976 trillion of the previous session.

Trading took place 321 companies where 86 closed in positive and 199 in negative while the value of 36 stocks remained intact. Highest decreased reflected in the price of Colgate Palmolive ands Bata (Pak) down by Rs 51.12 to Rs 1651 and Rs 39.12 to Rs 3130.88. Shezan Inter and Exides (Pak) XD were the highest price gainers of the day up by Rs 18.60 to Rs 1030.26 and Rs 12 to Rs 446.

Samar Iqbal, AVP Equity Sales at Topline Securities said market witnessed another dull session with low participation as investors stayed sidelines in the absence of any triggers. SSGC and SNGP came under pressure after ECC deferred the decision to increase gas price.

She said some buying at lower level was seen in PTC, after the company announced July 15 as board meeting for June result.

Active list was topped by Lotte Chemical with 11.212 million shares up by Re 0.21 to Rs 7.41. Fauji Cement was the second highest on volume chart with 7.093 million shares shed by Re 0.17 to Rs 19.52. It was followed by Lafarge Pak with 4.495 million shares off by Re 0.26 to Rs 16.04, Byco Petroleum with 3.536 million shares grew by Re 0.13 to Rs 11.37 and Fauji Fertilizer with 3.515 million shares up by Re 0.9 to Rs 11s2.99.

ISE index stays bearish

 The Islamabad Stock Exchange(ISE) on Monday witnessed bearish trend as the ISE-10 index was down by 7.86 points to close at 4559.80 points.

A total of 161,500 shares were traded, which showed a positive growth of 160,000 shares, when compared with previous day’s trading of 1500 shares. Out of 120 companies, share prices of 36 companies recorded increase while those of 82 companies decreased and 2 companies remained stable in today’s trading. The share price of ICI Pakistan increased by Rs 8.53 while that of Siemens Pakistan Engineering decreased by Rs 37.59 per share. Lafrage Pakistan Cement, Byco Petroleum and Lucky Cement remained the top trading companies with 60,000, 55,000 and 23,000 shares respectively.