Index sheds 72.44 points

The KSE-100 index on Tuesday lost 72.44 points to close at 12,123.15 points as the investors maintained cautious stance and preferred to offload their holdings on available margins. Although the opening was slightly positive and the index hit 12,207.17 points intra-day high level but soon dropped into negative zone at 12,100.51 points intra-day low due to selling from both local and foreign fronts.
Trading volume at ready counter increased to 123.103 million shares as compared to 120.596 million shares traded on Monday. Market capitalisation declined by Rs 19 billion to Rs 3.217 trillion. Of 340 active scrips, 158 closed in negative and 86 in positive, while the values of 96 stocks remained unchanged.
Fauji Cement (R) was the volume leader with 45.159 million shares and gained Re 0.13 to close at Re 0.14. Dewan Salman lost Re 0.36 to close at Rs 3.02 with 15.588 million shares. Dewan Motors increased by Re 0.34 to close at Rs 2.96 with 7.618 million shares. Amtex inched up by Re 0.30 to close at Rs 2.66 with 5.080 million shares. Fauji Cement gained Re 0.28 to close at Rs 4.77 with 4.700 million shares. Jahangir Siddiqui Co lost Re 0.36 to close at Rs 7.31 with 4.463 million shares. Dewan Cement declined by Re 0.54 to close at Rs 2.05 with 4.413 million shares.
BoP lost Re 0.11 to close at Rs 6.13 with 3.054 million shares. Azgard Nine decreased by Re 0.30 to close at Rs 6.50 with 1.781 million shares. Fauji Fertiliser Bin Qasim declined by Re 0.24 to close at Rs 42.83 with 1.483 million shares.
Indus Dyeing and National Refinery were the highest gainers, increasing by Rs 7.59 and Rs 6.76 to close at Rs 317.27 and Rs 364.79 respectively, while Unilever Pakistan and Nestle Pakistan were the worst losers declining by Rs 228.02 and Rs 148.96 to close at Rs 4946.40 and Rs 3389.81 respectively. Hasnain Asghar Ali at Aziz Fidahusein said that persistent selling in frontline high-priced stocks, amid low volumes, budget nervousness and likely repercussions of the planned operation in NW forced the index in the negative zone. However, speculative activity in FCCLR, that contributed 40 percent to the total turnover, kept the volume on higher side, while value of trade suffered a massive setback. Out of total loss of 51 points, 36 points were erased on 500 shares'' trade of Nestle and ULEVER combined.
He said that high volatility in local political and geo-political scene, and impact of the former on announcement of federal budget on the expected date, various rumours suggesting different rates for the replacement of CGT, and the transaction tax kept the market participants on the back foot. Higher discounts due to low volume price erosion in dividend yielders, away from visible threats did invite equity-specific funds for fresh placements. Low quantum, however, failed to have a wider impact, thus keeping the excitement on the lower side.