Karachi - Karachi shares market on Thursday witnessed correction after making new highs yesterday and KSE-100 slid by 182.53 points to close at 34,147 down 0.5pc.

Bears gripped the market sentiments amid institutional profit taking in overbought stocks across the board. Uncertainty over resolution of over Rs500b circular debt in energy sector, delay in new auto policy announcements and pressure in international oil prices played a catalyst role in bearish activity.

 Investors remained cautious ahead of SBP Policy rate announcement on Jan 24 despite T Bill yields falling below 9pc indicating possible rate cut this weekend and support in selected oil, power and cement stocks on strong earnings expectations, market analysts said.

Cement sector witnessed pressure today led by MLCF (3.0pc), DGKC (2.1pc) and LUCK (1.5pc) as investors opted to book their profits before the monetary policy. LPCL experienced high volumes of trade due to news of Bestway Cement acquiring 50pc of the remaining free float of the company as opposed to market expectation of 75pc.

 Fall in T-Bill yields below the 9pc mark strengthened market belief of a possible 50bp cut as opposed to a 100bp, further mounting pressure on the market. KEL (3.0pc) witnessed pressure today following the lapse of the dividend proposal, observed analyst Muhammed Mobeen.

Volumes decreased by 13pc to 308m shares, value also declined 31pc of $150mn(value Rs15b). Total 388 traded companies in the market, 104 concluded up, 267 down and 19 remained unchanged. Lafarge Pak led the volume with 47.22m shares and price per share Rs17.70, followed by Jah. Sidd.Co with 31.23m shares and price per share Rs17.97, Lotte Chemical with 20.36m shares and price per share Rs8.12 and Pak Elektron with 10.29m shares and price per share Rs48.16 were in spotlight in the market.

Nestle Pak with per share price Rs10400.00 (100.00) and Shezan Int.XDXB with per share price Rs1369.00 (49.00) were among top gainers in market.

Whereas Rafhan Maize with per share price Rs11300.00 (-592.50) and Unilever with per share price Rs8700.00 (-99.00) were among top loser in the market.