KARACHI - Stocks closed lower amid bearish activity in selected stocks across the board on below expected payouts for the quarter.

At local equity market, the benchmark KSE 100-share index shed 13.34 points or 0.04 per cent to end the session at 30225.62 points as compared to 30238.96 points of the previous day.

Faran Rizvi, Senior Manager Equity Sales at JS Securities, said profit taking was witnessed at local bourse. Political stability brought some positive impact but the investors still have concerns especially about the continuous foreign outflow, he added.   

KSE allshare-index fell by 47.53 points or 0.21 per cent to stop the trading at 22192.81 points, KSE-30 gained 9.53 points or 0.05 per cent to close the day at 20083.79 points while KMI-30 increased by 93.21 points or 0.19 per cent to end the day at 48671.13 points.

Ahsan Mehanti, analyst at Arif Habib Corp, said economic uncertainty, rising political noise over privatisation of profitable SOEs and uncertainty over outlook for global equities and commodities played a catalyst role in bearish activity despite easing circular debt concerns after NEPRA allowance for increase in power tariff for Sep’14 under monthly fuel adjustment.

Market traded 165.031 million shares after opening at 145.751 million shares and the value of traded shares declined to Rs 9.427 billion from Rs 9.602 billion. The capitalization of the market maintained at Rs 7.012 trillion as compared to Rs 7.027 trillion of the previous day.

Trading took place in 408 companies where 154 closed in positive and 232 in negative while the values of 22 stocks remained intact.

Highest decreased was reflected in the price of Rafhan Maize, down by Rs 449.49 to Rs 11000.50, followed by Nestle Pak SPOT, down by Rs 215 to Rs 8535. Colgate Palmolive and Indus Dyeing were the top price gainers of the day, up by Rs 71.12 to Rs 1667.22 to and Rs 36 to Rs 781.

Volume chart was led by Maple Leaf Cement with 11.590 million shares as it closed at Rs 30.01 after opening at Rs 29.11. Lafarge Pak was the second highest with 11.391 million shares, off by Re 0.49 to Rs 15.95.

It was followed by Fauji Cement with 6.385 million shares, misplaced by Re 0.87 to Rs 21.41, Pak Elektron with 5.294 million shares, added Re 0.10 to Rs 27.25 and K-Electric Ltd with 4.856 million shares, down by Re 0.20 to Rs 7.81.