Index loses 29.17 points

After witnessing a mixed trend on Thursday the KSE-100 index finally closed at 11,839.00 points, down 29.17 points with low volumes. The share market opened on a positive note and the index hit 11,973.29 points intra-day low level, up 105.12 points. However profit-taking mainly by foreign investors dragged the index into negative zone at 11,815.40 points intra-day low, down 52.77 points.
Trading activity remained low as the majority of investors remained on the sidelines ahead of announcement of monetary policy. The daily volumes at ready counter declined to 62.750 million shares as compared to 82.644 million shares traded on Wednesday. Total market capitalisation declined by Rs 8 billion to stand at Rs 3.124 trillion. Out of total 382 active scrips, 160 closed in negative, 117 in positive while the value of 105 stocks remained unchanged.
NBP was the volume leader with 5.721 million shares inching up by Re 0.03 to close at Rs 48.91. In the other banking sector stocks, Bank Al Falah lost Re 0.25 to close at Rs 11.30 with 3.006 million shares. Investors' interest continued in the cement sector stocks, as DG Khan Cement and Lucky Cement increased by Re 0.39 and Re 0.89 to close at Rs 21.53 and Rs 76.02 with 5.288 million shares and 3.203 million shares respectively.
In the fertiliser sector, Fauji Fertiliser Bin Qasim, Fauji Fertiliser Co (FFC) and Fatima Fertiliser Co declined by Re 0.38, Rs 2.84 and Re 0.18 to close at Rs 60.32, Rs 168.71 and Rs 19.51 with 4.252 million shares, 3.024 million shares and 2.749 million shares, respectively while Engro Corp inched by Re 0.17 to close at Rs 138.91, respectively.
Sui Southern Gas Co gained Re 0.25 to close at Rs 25.50 with 2.644 million shares. Lotte Pakistan PTA lost Re 0.04 to close at Rs 11.93 with 2.069 million shares. Unilever Pakistan and Nestle were the top gainers increasing by Rs 62.93 and Rs 14.92 to close at Rs 5699.33 and Rs 3546.98, respectively while Wyeth Pak and Bhanero Textile were the worst losers with Rs 14.65 and Rs 12.22 to close at Rs 785.36 and Rs 244.31, respectively.
Ahsan Mehanti at Arif Habib Investments said the bearish activity was witnessed in the earnings announcement session at KSE as investors awaited key policy rate release on October 8. He said political uncertainty after sit-in protests outside presidency affected the sentiment and the index moved in narrow range.
The investors' interest remained in select blue chips on the back of government political patch up with MQM, higher local fertiliser and cement prices, expectations for early settlement of circular debt crisis in Pakistan energy sector and recovery in Asian markets on strong US economic data, he added.