Index sheds 160 points

The KSE-100 index on Friday lost 159.90 points to close at 11,525.25 points due to selling, mainly by local investors. The market witnessed support in early hours on the back of foreign investors' buying, and the index touched 11,714.05 points intra-day high. The foreign investors turned net buyers of shares worth $1.03 million.
However, the index failed to sustain that level and dropped into negative zone at 11,437.65 points intra-day low level. Trading improved slightly and the volume at ready counter increased to 82.123 million shares as compared to 75.406 million shares traded on Thursday.
Market capitalisation declined by Rs 46 billion to Rs 3.018 trillion. Of the 332 active scrips, 170 closed in negative and 69 in positive, while the values of 93 stocks remained unchanged. Fatima Fertiliser was the volume leader with 21.175 million shares and gained Re 0.68 to close at Rs 24.07. In the other fertiliser sector stocks, Fauji Fertiliser Bin Qasim increased by Re 0.40 to close at Rs 62.35 with 5.229 million shares and Engro Corp and Fauji Fertiliser Co (FFC) declined by Rs 2.36 and Rs 7.78 to close at Rs 121.32 and Rs 177.22 with 4.486 million shares and 3.769 million shares respectively.
Lotte Pakistan PTA lost Re 0.39 to close at Rs 12.11 with 7.151 million shares. Arif Habib Corp inched up by Re 0.14 to close at Rs 30.90 with 4.725 million shares. DG Khan Cement gained Re 0.14 to close at Rs 21.80 with 3.453 million shares. Hub Power lost Re 0.06 to close at Rs 36.99 with 2.842 million shares.
TRG Pakistan gained Re 0.06 to close at Rs 1.75 with 2.497 million shares. Nishat Mills declined by Rs 2.34 to close at Rs 44.49 with 2.251 million shares. Indus Dyeing and Fazal Cloth were highest gainers, increasing by Rs 5.86 and Rs 4.51 to close at Rs 390.18 and Rs 94.74 respectively, while Unilever Pak and Bata (Pak) were the worst losers, declining by Rs 76.48 and Rs 25.72 to close at Rs 5820.00 and Rs 819.20 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that the equity market continued to stay under tremendous pressure, adding to the misery the renewed US stance of action against terrorist-invited tremors. This forced the locals to follow the offshore participants. Fierce sell-off amid absence of buyers on intervals added colour of panic, leading to massive low volume price erosion mainly in the high priced stocks. The unprecedented selling did invite trading float from the local circuits for the short-term traders to escape tough rollover week, that starts on Monday.
Although high discounts in singled out stocks did invite cautious accumulators on dips, low quantum and limit bids failed to impact the overall sentiment that stayed extremely nervous, he said. He said by the day-end across the board short covering and corporate support in select stocks did allow the index to stage a decent recovery, while support by the respective group, that was quite evident, allowed the turnover to match that of previous session.