KARACHI: The Karachi share market witnessed bearish trend on Wednesday due to declining oil prices in international market, as a result of which the KSE-100 index lost 73.26 points, closing at 7,476.11 points level. The market opened on a negative note and the index hit 7,446.12 points intra-day low, down by 103.25 points. However, late buying in some select stocks reduced early losses.

Trading shrank and the volume at ready counter declined by 40 percent to 118.072 million shares as compared to 197.649 million shares of Tuesday. Market capitalisation declined by Rs 20 billion to Rs 2.206 trillion. Out of total 299 active scrips, 183 closed in negative and 102 in positive, while the value of 14 scrips remained unchanged.

D G Khan Cement was the volume leader with 14.341 million shares. However, it lost Re 0.19 to close at Rs 30.75. Lucky Cement declined by Re. 0.99 to close at Rs 64.03 with 4.204 million shares. Jahangir Siddiqui Co decreased by Re. 0.90 to close at Rs 25.90 with 13.373 million shares.

Nishat Mills witnessed fresh buying and surged by Rs 1.18 to close at Rs 42.29 with 7.741 million shares. Azgard Nine gained Re. 0.40 to close at Rs 26.41 with 6.488 million shares. Arif Habib Sec declined by Re. 0.27 to close at Rs 29.38 with 6.005 million shares. PTCL lost Re. 0.15 to close at Rs 17.86 with 5.334 million shares. OGDC declined by Rs 1.35 to close at Rs 84.62 with 4.625 million shares. Pak Reinsurance lost Re. 0.73 to close at Rs 41.29 with 4.222 million shares. NBP closed at Rs 71.10, down by Re. 0.39 with 3.421 million shares.

Shezan International and Bata (Pak) were the highest gainers and gained Rs 6.10 and Rs 5.00 to close at Rs 128.10 and Rs 610.00 respectively, while Fazal Textile and Colgate Palmolive were the worst losers and lost Rs 17.37 and Rs 9.00 to close at Rs 330.10 and Rs 290.00 respectively.

Ahsan Mehanti at Shehzad Chamdia Securities said that selling activity was witnessed at the local bourses as oil prices in the international market dropped near to $63 per barrel affecting oil sector valuations. Uncertainty in international capital markets, limited activity by foreign investors, and high investment cost remained major concerns for investors, he added.

[source: brecorder.com]