KARACHI-Bearish activity witnessed at KSE amid institutional profit taking following renewed circular debt issue in energy sector.

At local bourse benchmark KSE-100 share index misplaced 191.16 points or 0.66 percent to end the day at 28878.77 points compared to 29069.93 points of the last working day on Friday. Analysts said dismal earnings outlook following export losses in textile, cement sectors, gas supply issues in fertilizer sector and dismal payouts for the quarter end corporate earnings played a catalyst role in bearish sentiments despite hopes for over $1.3b 3G/4G telecom licence auction on April 23. KSE-Allshare fell by 131.68 points or 0.61 percent to end the day at 21591.61 points, KSE-30 index shed by 180.22 points or 0.89 percent and KMI-30 share index off by 391 points or 0.84 percent to conclude the session at 46016.18 points.

Out of 360 active companies, 224 closed in negative and 114 in positive while the value of 22 stocks remained intact.  The day turnover of market was 162.953 million shares compared to 269.540 million shares of the previous session, volumes dropped by 40pc to Rs 7.233 billion.

The capitalisation of the market maintained at Rs 6.931 trillion after opening at Rs 6.982 trillion.

Highest increased reflected in the price of Rafhan Maize up by Rs 500 to Rs 10500 followed by Wyeth Pak Ltd increased by Rs 100 to Rs 4200. Nestle Pak. XD and Phillip Morris Pak led the downhill trend deceased by Rs 100 to Rs 8100 and Rs 33.40 to Rs 635. 

An equity dealer said continued profit taking was seen at local bourse in the absence of any major trigger, coupled with foreign inflows amid Easter holidays. Oil stocks remained declining while some cherry picking was seen in FFC, FCCL and MCB.

Active list was topped Fauji Cement with 11.116 million shares as it closed at Rs 18.07 after opening at Rs 17.89. Arif Habib Corp was the second highest on the chart with 9.110 million shares up by Re 0.67 to Rs 29.87. It was followed by Maple Leaf Cement with 7.370 million shares shed by Re 0.07 to Rs 30.41, Lafarge Pak.SPOT with 7.360 million shares grew by Re 0.14 to Rs 13.61 and K-Electric Ltd with 6.745 million shares reduced by Re 0.24 to Rs 7.01.