karachi - Bearish activity witnessed in the volatile session at KSE amid profit taking by foreign investors. KSE-100 share index misplaced 280.41 points or 0.96 percent to the end the last day of trading week at 29069.93 levels.

Analyst at Arif Habib, Ahsan Mehanti said concerns for end to TTP ceasefire, uncertainty over telecom licence auction on April 23 following senate committee reservations, export losses in textile and cement sectors and dismal payouts for the quarter end earnings played a catalyst role in bearish sentiments.  Textile sector remained in limelight following ECC imposition of 5pc import duty on yarn on Thursday, he added.

KSE-Allshare index off by 246.36 points or 1.12 percent to conclude the session at 21723.29 points, KSE-30 index decreased by 195.68 points or 0.95 percent to finish the day at 20297.49 points while KMI-30 fell by 294.73 points or 0.63 percent to close the day at 46407.18 points.

Local bourse witnessed a highly volatile week, closing 0.6pc down at 29,070 points after increasing by 3pc in the previous week. Volumes rose by 18pc to 368 million shares on average (Rs.14bn, 8pc up). In an important development, $2 billion received on account of Eurobond sale and March quarter results didn’t play any major role.

The day turnover of market was 269.540 million shares after opening at 496.323 million shares while the volumes fell to Rs 12.156 billion due to holiday in global equity markets, dealer observed.  The capitalisation of the market maintained at Rs 6.982 trillion after opening at Rs 7.062 trillion of a day earlier.  Trading took place in 390 companies where gainers beat the losers 197 to 173 while the value of 20 stocks remained intact. Rafhan was the biggest price loser of the day decreased by Rs 500 to Rs 10000 while the highest increased reflected in the price of Island Textile up by Rs 44.99 to Rs 944.98.

Samar Iqbal Manager Equity Sales at Topline said market continued to consolidate above 29,000 points. Banking stocks, which have been rallying for last few sessions, witnessed profit-taking especially NBP which closed 5pc down.

 Oil sector also witnessed some selling pressure. Index heavyweight MCB and OGDC pushed benchmark index 85 points down. On the contrary renewed interest was seen in textile companies after Government’s decision to re-impose 5pc duty on yarn import which will resultantly increase local players’ margins. Engro and SSGC also came in limelight after Government’s approval of LNG import policy and terminal.

KEL remained led the table with 17.191 million shares off by Re 0.06 to Rs 7.15 followed by NBP with 16.323 million shares as it closed at Rs 58.15 after opening at Rs 61.45, MLCF with 14.864 million shares added Re 0.46 to Rs 30.36, Azgard Nine with 10.830 million shares up by Re 0.23 to Rs 7.43 and TRG Pakistan Ltd with 9.607 million shares down by Re 0.35 to Rs 15.13.