karachi -

Stocks closed lower amid institutional profit taking in overbought market. Consolidation continued after fall in global stocks and limited foreign interest to support the post-election rally at KSE.

At local equity market, the benchmark KSE 100-share index shed 116.25 points or 0.54 percent to end the day at 21342.65 points compared to 21458.90 points of the previous day.

A dealer said after a volatile session market came down marginally following the bearish trend in the global markets. Profit taking was seen in big stocks including OGDC, PPL, PTC and MCB. However fertilizer stocks performed well due to institutional buying. Volume once again remained above average.

KSE allshare-index shed 144.92 points or 0.96 per cent to end the day at 14969.68 points, KSE 30-share index shed 98.36 points or 0.59 percent to conclude the session at 16588.64 points while KMI 30-share index decreased by 203.22 points or 0.55 percent to stop the day at 36754.12 points.

The day turnover of stock market in terms of shares was 472.973 million shares as compared to 572.420 million shares of a day earlier. Value of the traded shares climbed to Rs 17.982 billion from Rs 15.319 billion and the capitalization of equity market maintained at Rs 5.160 trillion after opening at Rs 5.210 trillion.

Trading took place in 388 companies where losers beat the gainers by 238 to 122 while the values of 28 stocks remained intact. Unilever Food was the biggest price gainer of the day, up by Rs 240 to Rs 5040, followed by Island Textile, up by Rs 29.98 to Rs 729.99. Nestle Pak and Bata (Pak) were the biggest losers of the day, down by Rs 200 to Rs 6500 and Rs 95 to Rs 1805.

Analyst said sentiment remained bearish amid concerns for federal budget uncertainty. Investors awaited announcement for $15b Saudi bailout to ease circular debt issue in energy sector likely to avoid IMF package. Concerns for rising budget deficit and fall in global commodities played a catalyst role in bearish sentiments at KSE ahead of IMF repayments.

Active list was topped by Dewan Cement with 49.476 million shares, added Re 0.74 to Rs 7.86. It was followed by Fauji Cement with 27.120 million, TRG Pakistan with 21.046 million, Lotte Chemical with 20.759 million, Maple Leaf Cementwith 19.220 million, K.E.S.C with 17.671 million, Pakgen PowerXD with 17.607 million, Engro Corporation with 16.803 million, JS Co with 16.763 million and P.T.C.L.A with 13.889 million shares respectively.