Index loses 88.32 points

Investors on share market on Wednesday opted for selling after mid-session due to their concerns over Pak-US relations and prevailing political situation in the country. The KSE-100 index declined by 88.32 points and closed at 11,283.89 points. The market opened on strong positive note and the index hit 11,457.73 points intra-day high.
However, after mid-session, the investors opted for selling that forced the index into negative zone at 11,211.01 points intra-day low. Trading improved slightly at 37.871 million shares as compared to 36.050 million shares traded on last trading session. Market capitalisation declined by Rs 24 billion to stand at Rs 2.937 trillion.
Of 312 active scrips, 143 closed in negative and 62 in positive, while the values of 107 stocks remained unchanged. Jahangir Siddiqui Co was the volume leader with 3.729 million shares. However, it lost Re 0.19 to close at Rs 5.25. Fauji Fertiliser Bin Qasim, Fatima Fertiliser Co, Engro Corp and Fauji Fertiliser Co declined by Rs 2.42, Re 0.36, Rs 6.09 and Rs 6.95 to close at Rs 50.53, Rs 22.44, Rs 116.93 and Rs 151.78 with 3.252 million shares, 1.944 million shares, 1.593 million shares and 1.588 million shares respectively. Lotte Pakistan PTA lost Re 0.59 to close at Rs 8.79 with 3.201 million shares.
SilkBank and NBP decreased by Re 0.07 and Re 0.30 to close at Rs 1.60 and Rs 40.07 with 2.210 million shares and 1.363 million shares respectively. Nishat Mills declined by Re 0.50 to close at Rs 40.63 with 1.804 million shares. Arif Habib Corp closed at Rs 27.70, down Re 0.57 with 1.564 million shares.
Unilever Pak Foods and Al Ghazi Tractors were highest gainers by Rs 8.33 and Rs 5.79 to close at Rs 1698.33 and Rs 171.07 respectively, while Unilever Pak and National Refinery were worst losers by Rs 82.96 and Rs 11.74 to close at Rs 5412.84 and Rs 242.06 respectively.
Ahsan Mehanti at Arif Habib Investments said that sentiment remained bearish at KSE on investors'' concerns for uncertain Pak-US relations and prevailing political situation in the country. Trading remained low on lack of major triggers. Fertilisers stocks battered on fall of local urea and DAP prices.
The state-run institutional support continued in oversold stocks in banking and oil sector. Improved CPI inflation release at 10.19 percent on year-on-year basis for November 2011 helped the market recover from its intra-day lows.