Index loses 30.43 points

A bearish trend continued on the Karachi share market on Tuesday and the KSE-100 index lost 30.43 points to close at the level of 12,364.06 points. Throughout the session, the index oscillated between 12,458.43 points intra-day high and 12,343.08 points low levels. Trading, however, improved and the volume at ready counter increased to 54.538 million shares as compared to 32.820 million shares traded on Monday.
Market capitalisation declined by Rs 5 billion to Rs 3.266 trillion. Of 368 active scrips, 172 closed in negative and 95 in positive, while the values of 101 stocks remained unchanged. NIB Bank (R) was the volume leader with 18.048 million shares and closed at the previous day''s level of Re 0.01. JS Investments also closed at the previous day''s closing level of Rs 5.11, with 4.154 million shares trading.
Fauji Fertiliser Bin Qasim and Engro Corp lost Re 0.20 and Re 0.88 to close at Rs 47.08 and Rs 147.63 with 2.102 million shares and 1.160 million shares respectively, while Fauji Fertiliser Co (FFC) gained Re 0.68 to close at Rs 163.72 with 1.412 million shares. JOV&Co inched up by Re 0.11 to close at Rs 2.67 with 2.014 million shares. Azgard Nine closed at Rs 6.20, up Re 0.04 with 1.576 million shares.
PTCL declined by Re 0.14 to close at Rs 12.58 with 1.412 million shares. Lucky Cement lost Re 0.24 to close at Rs 73.31 with 1.363 million shares. Lotte Pakistan PTA closed at Rs 12.76, up Re 0.01 with 1.106 million shares. Exide (Pak) and Colgate Palmolive were highest gainers, increasing by Rs 8.19 and Rs 6.82 to close at Rs 176.29 and Rs 733.68 respectively, while Unilever Pak and Rafhan Maize were worst losers, declining by Rs 102.76 and Rs 41.36 to close at Rs 5730.81 and Rs 2811.89 respectively.
Ahsan Mehanti at Arif Habib Investments said that bearish activity was witnessed in the earnings announcement session at KSE amid thin trade. He said that the record earning announcement by MCB Bank, expectations for strong earning announcements in blue chip banks, cement, oil and fertiliser scrips this week invited investor interest in selective stocks. However, on the other hand, concerns for falling global capital markets and foreign outflow at Pakistan stock exchanges affected market sentiment and played a catalyst role in negative close at KSE.