KARACHI - Local equity market closed bearish amid concerns for rising political noise. Investors remained cautious ahead of nomination for new Pime Minister.

At Karachi stock market benchmark KSE-100 share index shed 66.58 points or 0.49 percent to settle at 13,600.60 points as compared to 13,667.18 points of the previous day. Analyst observed that uncertain global stocks and commodities on concerns for global economic slowdown, limited foreign interest affected the sentiments. Power shortfall for industrial units and gas shutdown for fertilizer plants played a catalyst role in bearish activity at KSE, he added.  KSE-Allshare misplaced 47.92 points or 0.50 percent to close day at 9577.98 points, KSE-30 share index lost 88.92 points or 0.75 percent to stop the day at 11,746.51 points while KMI-30 share index down by 139.00 points or 0.59 percent to conclude the day’s trading at 23,528.83 points.

Dealers at KSE said, once again market was in grip of bearish sentiment fell by another 66 points to close at 13,600 points. Volumes also remain sluggish as investors opt to remain on the side line on account as uncertainty prevailed on the political front. Furthermore subdue sentiment in the regional stocks market and international commodity markets also dampened the sentiments in the market.

Bourse traded 57.159 million shares after opening at 47.417 million shares and the traded value was raised to Rs 2.197 billion from Rs 1.735 billion while the market capitalisation minimized to Rs 3.470 trillion as compared to Rs 3.488 trillion of a day earlier.  Trading took place in 346 companies where losers managed the strong lead over the gainers 157 to 93 while the values of 96 stocks remain intact. UniLever Pak and Siemens Pakistan were the top price gainers of the day increased by Rs 67.43 to Rs 7367.43 and Rs 30.63 to Rs 718.69 while the top losers were led by Unilever Food and Mithchells Fruit decreased by Rs 58.50 to Rs 2714.00 and Rs 14.15 to Rs 271.64 respectively.

On the list of top ten volume leaders PTCLA was on the peak with 5.142 million shares as it closed at Rs 14.00 after opening at Rs 14.68 shed Re 0.68. Hub Power Company was on the second position with 3.995 million shares added Re 0.13 to Rs 41.93. It was followed by DGK Cement with 3.621 million shares lost Re 0.95 to Rs 39.08, JS.Co with 3.035 million shares shed Re 0.2 to Rs 13.12 and Nishat Chun Power with 3.016 million shares down Re 0.13 to Rs 15.05.