KARACHI: Investors, mainly mutual funds, continued to take profit on the stock market on Wednesday with the KSE-100 index taking a dip of another 136.44 points to 22,930.06. The fall represented an extension of the current spell of declining trend.

The figures released by the National Clearing Company showed mutual funds offloading stocks worth $6.80 million on Wednesday. Market participants said that among the 41 asset management companies some may be facing requests for redemptions.

On the other hand, foreigners’ confidence in Pakistan equities was manifest in the net buy of $6.21m stocks on Wednesday. Companies and individuals were also buyers, could not match the sale of shares by banks, valued at $5.5m.

The results season almost over and the deal with the IMF on EFF already sealed, the market lacked new targets that could trigger the stock run up.

Banks were out performers with their continued rally after the recent hike in policy rate. UBL and Habib Metro Bank closed at their upper circuits.

Kohat Cement jumped by 4.7pc as the company reported stellar earnings growth of over 58pc (EPS 20.45 FY13) coupled with a Rs5 per share cash dividend and bonus issue at 20pc, underscoring strong fundamentals prevailing in the industry.

Mohammad Sohail, CEO at the Topline Securities commented that the government of India which also faces huge current account deficit took many steps on war-footing to stem the fall of the Indian Rupee. However, Pakistan was yet to take measures to support the depleting value of the local currency.

Equity dealers at brokerage Sherman Securities stated that the oil, cement and fertiliser (except Fatima Fertiliser) were all down. Bank Alfalah was up as buy back of Warid Telecom has been approved by KSE which will lead to selling of Warid Telecom, part of it owned by Bank Alfalah. WTCL closed at Rs4.5 (buying back price).

Analyst Ovais Ahsan at JS Global stated that the market continued to move into negativity driven by the E&P sector as global oil prices declined in anticipation of a roll back of the US Fed Reserves stimulus programme.

OGDC was down 2.5pc and Pakistan Petroleum lower by 2.9pc were major decliners in the sector. Pakistan State Oil lost 3pc with selling pressure seen on renewed concerns over fresh accumulation of circular debt and pile up of receivables which have risen to Rs90bn.

Among the 332 stocks that were traded on Wednesday, losers and gainers were in the ratio of 213 and 95 with 24 scrips remaining unchanged.

Volume of business stepped down by one per cent to 222 million shares, from 224 million shares traded the previous day. Trading value rose to Rs7.928 billion, from Rs6.761 billion. Market capitalisation stood trimmed by Rs36bn to Rs5.396 trillion, from Rs5.432tr the day ago.

On the 10-top traded list, Pak Elektron (right issue) gained 46 paisa to Rs9.33 on 21m shares. PIA edged higher by 3 paisa to Rs8.55 on 20m shares, representing further gains since the PM announced sale of its 26 per cent stake to the private sector.

Habib Metropolitan Bank made maximum gain of Rs1.12 to Rs23.62 on 14m shares, Bank of Punjab was down 5 paisa to Rs12.64 on 12m shares, TRG Pakistan added 36 paisa to Rs10.59 on 11m shares and D.G. Khan Cement lost another Rs1.15 to Rs75.15 on 10m shares.

Fauji Cement traded ex-dividend declined by 61 paisa to Rs12.07 on 9m shares, Nimir Industrial Chemicals decreased 56 paisa to Rs6.31 on 8m shares, Bank Alfalah was up by 65 paisa to Rs23.28 on 7m shares and KESC stood trimmed by 6 paisa to Rs5.98 on 6m shares.