Index down 45.63 points

The KSE-100 index on Wednesday lost 45.63 points to close at 11,884.61 points with extremely low volume. Trading declined drastically due to lack of investors' interest and the volume reduced to eight-month low level of 36.772 million shares.
Analysts believe that the main reason of low participation by retail investors was due to imposition of capital gain tax over share trading and fear of documentation. Market capitalisation declined by Rs 11 billion to Rs 3.155 trillion. Of 343 active scrips, 145 closed in negative and 96 in positive, while the values of 102 stocks remained unchanged. Bank Al Falah was the volume leader with 4.403 million shares. However, it lost Re 0.03 to close at Rs 10.40. SilkBank gained Re 0.04 to close at Rs 2.90 with 2.529 million shares while NIB Bank lost Re 0.01 to close at Rs 1.61 with 0.877 million shares.
Jahangir Siddiqui Co declined by Re 0.31 to close at Rs 7.15 with 3.896 million shares. Lotte Pakistan PTA decreased by Re 0.15 to close at Rs 14.83 with 2.901 million shares. Azgard Nine lost Re 0.13 to close at Rs 5.66 with 1.406 million shares. Telecard inched up by Re 0.02 to close at Rs 1.70 with 1.130 million shares. Hub Power gained Re 0.16 to close at Rs 36.98 with 1.016 million shares.
OGDC declined by Rs 1.14 to close at Rs 147.45 with 0.991 million shares. DG Khan Cement gained Re 0.10 to close at Rs 21.48 with 0.927 million shares. Bata (Pak) and Bhanero Tex were the highest gainers, increasing by Rs 15.55 and Rs 11.35 to close at Rs 460.56 and Rs 249.00 respectively, while Nestle Pakistan and Unilever Pak were the worst losers declining by Rs 21.34 and Rs 18.65 to close at Rs 3501.66 and Rs 5148.60 respectively. Hasnain Asghar Ali at Aziz Fidahusein Co said that low volume strength during early trade faced tough resistance from local corridors mainly in the high priced stocks. Due to declining trend in international equity and commodity markets, and high volatility in relations with US, the local bourse stayed in firm grip of bears with turnover at dead levels and value of trade barely managing Rs 1 billion mark.
He said that the already under pressure market due to up-coming monetary policy was likely to witness further tightening as suggested by sensitive variables. Rising government borrowings and increasing pressures on inflation, and due to the federal budget, even the resident participants opted to reduce holdings mainly in the high priced stocks, thus keeping the index under pressure throughout the session.
High discounts in various dividend-yielding stocks did restrict an unprecedented decline. Low quantum, however, disallowed louder impact with effective thermostat control by OGDC. That helped to stabilise the intra-day losses, while low volume strength in Nestle--the stock witnessed a 7 percent volatility on meagre 183 shares--reduced the day-end losses, which otherwise could have been higher.