Index loses 30.99 points

Bearish trend continued at the share market on the third consecutive day on Wednesday and the KSE-100 index lost 30.99 points to close at 12,242.39 points. The market opened on a positive note on the back of foreign investors' support and the index hit 12,345.45 points intra-day high level, up 72.07 points.
However, the momentum could not continue due to absence of follow-up support and selling mainly by local investors. The index dropped to 12,173.21 points intra-day low level. Trading remained low and the volume at ready counter declined to 78.396 million shares as compared to 132.737 million shares traded on Tuesday. Market capitalisation declined by Rs 8 billion to Rs 3.308 trillion. Of 390 active scrips, 238 closed in negative and 134 in positive, while the values of 18 scrips remained unchanged.
Lotte Pakistan PTA was the volume leader with 15.912 million shares and gained Re 0.11 to close at Rs 15.26. Fauji Fertiliser Bin Qasim lost Re 0.40 to close at Rs 40.23 with 5.080 million shares. Azgard Nine decreased by Re 0.21 to close at Rs 10.75 with 3.659 million shares. Fatima Fertiliser Co inched up by Re 0.52 to close at Rs 11.48 with 3.001 million shares. Nishat Mills gained Re 0.53 to close at Rs 64.77 with 2.851 million shares.
Askari Bank lost Re 0.53 to close at Rs 16.66 with 2.224 million shares. Attock Refinery declined by Rs 6.37 to close at Rs 121.05 with 2.047 million shares. Engro Corporation decreased by Re 0.19 to close at Rs 214.40 with 2.045 million shares. POL declined by Rs 1.39 to close at Rs 325.64 with 1.955 million shares. Jahangir Siddiqui Co lost Re 0.26 to close at Rs 10.66 with 1.872 million shares.
Rafhan Maize and Indus Dyeing were the highest gainers increasing by Rs 28.00 and Rs 8.31 to close at Rs 2378.00 and Rs 244.02 respectively, while Nestle Pakistan and Unilever Pak were the worst losers declining by Rs 33.97 and Rs 27.13 to close at Rs 3456.09 and Rs 4345.00 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that absence of follow-up to early gains, coupled with sell-off on strength in high priced stocks in search of triggers to sustain the attained levels kept the market under pressure. The pressure duly increased during the day due to low turnover and absence of buyers on intervals, although increasing discounts in stocks offering consistent dividend yields did invite renewed buying. Cautious accumulation, however, disallowed impact on wider market.