Index loses nine points

After witnessing mixed trend on the last trading session of the year on Friday, the KSE-100 index closed at 12,022.46 points with a loss of 9.00 points. The continuous foreign investors'' interest with a fresh net inflow of $4.67 million supported the index to hit 12,082.86 points high level. However, it dropped into negative zone at 11,978.40 points intra-day low level due to profit taking by local investors.
Trading improved slightly and the volume at ready counter increased to 144.263 million shares as compared to 140.044 million shares traded on Thursday. Market capitalisation reduced by Rs 2 billion to Rs 3.268 trillion. Of 381 active scrips, 186 closed in positive and 177 in negative, while the values of 18 scrips remained unchanged.
Lotte Pakistan PTA was the volume leader with 22.495 million shares. However, it lost Re 0.05 to close at Rs 13.70. Azgard Nine declined by Re 0.22 to close at Rs 9.66 with 11.615 million shares. NBP and UBL gained Re 0.90 and Re 0.21 to close at Rs 76.82 and Rs 68.23 with 10.040 million shares and 4.343 million shares respectively.
Nishat Mills increased by Re 0.51 to close at Rs 64.17 with 6.098 million shares. Fatima Fertiliser inched up by Re 0.34 to close at Rs 11.28 with 5.629 million shares. DG Khan Cement gained Re 0.21 to close at Re 30.17 with 5.502 million shares. Japan Power closed at Rs 1.69, up Re 0.02 with 4.846 million shares.
Fauji Fertiliser Bin Qasim lost Re 0.57 to close at Rs 35.73 with 3.705 million shares. PTCL declined by Re 0.09 to close at Rs 19.42 with 3.621 million shares. Siemens Pak and Rafhan Maize were the highest gainers increasing by Rs 26.51 and Rs 23.87 to close at Rs 1253.51 and Rs 2109.87 respectively, while Nestle Pakistan and Wyeth Pak were the worst losers declining by Rs 59.81 and Rs 48.30 to close at Rs 2374.86 and Rs 1051.70 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said the cued-up buyers, mainly due to gains in early hours, faced massive onslaught due to rollover and year-end sell-off due to warning by IMF, endorsing the views regarding alarming situation on economic and financial fronts. However, strategic activity allowed the year to end at over 12000 points.
He said that release of export numbers for textile sector allowed the leading stocks of the sector, backed by support of respective group, to lead the bulls. Activity was well supported by frontline banking stocks, thus allowing the index to continue search for new highs in recent times.
However, mainly due to last session of the calendar year, the activity by local corporate participants stayed on lower side, wherein strength was awaited for offloading in the main board stocks. However, decent turnover in specific main board stocks, despite their inability to sustain intra-day highs, the turnover kept ticking. Range-bound activity, however, restricted the trading activity. Snap rallies during the session did provide short opportunities. Sell-off during the closing hour, that carried a colour of panic wherein, among others, roll-over was the major reason of massive pressure in ready board. This led to low volume price erosion.