KARACHI - Profit-taking witnessed in selected stocks across the board on political uncertainty ahead of Presidential election due on July 30.  At local equity market benchmark KSE-100 share index off by 76.61 points or 0.32 percent to stop the day at 23497.07 points after opening at 23573.68 points.

A dealer said although the market fell due to oil and banking stocks the cement stocks remained in the limelight.

Cement stocks continued to rally in expectations of better June results FCCL closed at upper circuit breaker while LPCL also closed 5pc up. While renewed buying interest was seen in FFBL and FFC after healthy dividend announcement by FFBL.

KSE-Allshare index shed by 40.61 points or 0.24 percent to finish the day at 16703.38 points, KSE-30 share index lost 89.77 points or 0.49 percent to conclude the session at 18340.41 points while KMI-30 share index misplaced 45.55 points or 0.11 percent to end the session at 41125.25 points.

Analyst Ahsan Mehanti said  falling global commodities and stocks impacted the sentiments. Falling FX reserves, dismal cement sales data and limited foreign interest played a catalyst role in bearish activity at KSE despite support in selected telecom, cement and textile stocks on expectation of strong earning announcements due next week and expected bid for mobile operator Warid Telecom by Etisalat.

Bourse traded 241.030 million shares after opening at 305.108 million shares and the value of traded shares was reduced to Rs 8.675 billion from Rs 11.928 billion. The capitalisation of equity market maintained at Rs 5.742 trillion compared to Rs 5.756 trillion of the previous day.

Trading took place in 356 companies where gainers defeated by the losers 167 to 170 while the value of 19 stocks remained intact. Wyeth Pak Limited and Colgate Palmolive were the top losers of the day decrease by Rs 94.50 to Rs 1795.50 and Rs 92.49 to Rs 1757.51. Upward trend were led by Siemens Pakistan and Fazal Textile up by Rs 39.13 to Rs 821.90 and Rs 16.56 to Rs 370.56.

Fauji Cement was the top traded company of the day with 47.112 million shares as it closed at Rs 17.19 after opening at Rs 16.19. It was followed by Lafarge Pakistan with 28.332 million shares up by Re 0.52 to Rs 10.97, National Bank with 14.746 million shares grew by Re 0.54 to Rs 57.72, Bank of Punjab with 12.550 million shares increased by Re 0.23 to Rs 13.77 and PTCLA with 12.409 million shares higher by Re 0.31 to Rs 28.13.

In a weekly review equity dealer Samar Iqbal said market marginally gained during the outgoing week as index recorded only 0.3pc gain. Volumes in rupee terms increased by 24pc to Rs.12b. Key highlights remained better than expected result announcements by PTC and FFBL, right issue and huge loss reported by AKBL for June end result, unconfirmed news of reinstatement of ICH and government efforts to control grey trafficking. Banking stocks remained volatile during the week on account of expectation of reversal of monetary easing while weak result expectations brought selling pressure.