Index loses 40 points

The KSE-100 index on Wednesday lost 40.07 points and closed at 11,361.97 points due to selling by both local and foreign investors after mid-session. The market opened on a positive note and the index hit 11,462.38 points intra-day high level. However, the index dropped into negative to 11,335.98 points intra-day low due to selling after mid-session.
Trading remained low and the volume at ready counter amounted to 46.131 million shares against 63.047 million shares of Tuesday. Market capitalisation declined by Rs 10 billion to Rs 2.950 trillion. Of 319 active scrips, 107 closed in positive and 104 in negative, while the values of 108 stocks remained unchanged.
Lotte Pakistan PTA was the volume leader with 6.988 million shares and gained Re 0.21 to close at Rs 10.19. It was followed by NBP that increased by Rs 1.21 to close at Rs 44.23 with 4.735 million shares. In other banking sector stocks, NIB Bank inched up by Re 0.03 to close at Rs 1.71 with 3.021 million shares while SilkBank lost Re 0.01 to close at Rs 1.73 with 1.781 million shares. Fatima Fertiliser Co, Engro Corp and Fauji Fertiliser Bin Qasim declined by Re 0.39, Rs 1.03 and Re 0.68 to close at Rs 23.46, Rs 95.75 and Rs 43.72 with 2.288 million shares, 1.683 million shares and 1.602 million shares respectively.
OGDC lost Re 0.45 to close at Rs 146.37 with 2.257 million shares. DG Khan Cement inched up by Re 0.08 to close at Rs 19.98 with 1.856 million shares. Hub Power gained Re 0.39 to close at Rs 35.05 with 1.405 million shares. Millat Tractors and Mehmood Textile were highest gainers by Rs 3.61 and Rs 2.50 to close at Rs 365.42 and Rs 56.50 respectively, while Unilever Pak and Nestle Pakistan were worst losers by Rs 171.71 and Rs 94.47 to close at Rs 5397.42 and Rs 3190.65 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that offloading on low volume strength pushed the index into red zone. This continued to deepen during the session, mainly due to absence of follow-up support and prolonged stagnation. Although OGDC did offer the expertise as thermostat controller and restricted the index from otherwise larger negativity around midday in wide market, index heavyweights from offshore corridors disallowed the syndicated efforts to avoid a bearish and low volume session. Day-end short covering and targeted strength for placement, however, did allow the index reduce intra-day losses at close.