Index sheds 85 points

The Karachi share market on Monday witnessed a mixed trend with the KSE-100 index oscillating between 11,163.21 points intra-day high and 11,024.99 points intra-day low levels, closing at 11,040.31 points, losing 85.04 points. Due to absence of investors, trading remained low and the volume at ready counter declined to 20.914 million shares as compared to 39.043 million shares traaded on last trading session. Market capitalisation declined by Rs 21 billion to Rs 2.872 trillion.
Of 302 active scrips, 112 closed in negative and 70 in positive, while the values of 120 stocks remained unchanged. Fatima Fertiliser Co was the volume leader with 2.704 million shares and lost Re 0.35 to close at Rs 22.66. Fauji Fertiliser Bin Qasim, Engro Corp and Fauji Fertiliser Co declined by Re 0.45, Re 0.80 and Re 0.90 to close at Rs 42.05, Rs 94.94 and Rs 156.11 with 0.710 million shares, 0.498 million shares and 0.489 million shares respectively. TRG Pakistan decreased by Re 0.08 to close at Rs 1.07 with 2.132 million shares.
Lotte Pakistan PTA gained Re 0.09 to close at Rs 10.14 with 1.323 million shares. KESC inched up by Re 0.07 to close at Rs 1.72 with 0.956 million shares. Thal increased by Rs 2.45 to close at Rs 82.19 with 0.857 million shares. NIB Bank gained Re 0.05 to close at Rs 1.70 with 0.547 million shares while NBP lost Re 0.11 to close at Rs 44.25 with 0.504 million shares.
Unilever Pak and PSO were highest gainers by Rs 98.67 and Rs 4.06 to close at Rs 5381.67 and Rs 234.13 respectively, while Nestle Pakistan and Exide (Pak) were worst losers by Rs 143.19 and Rs 2.83 to close at Rs 3019.99 and Rs 163.27 respectively. Ahsan Mehanti at Arif Habib Corp said that the stocks closed bearish amid record thin activity ahead of year-end corporate announcements at KSE after political noise rose over memogate issue.
He said that concerns for rupee depreciation, economic uncertainty and gas shortfall for industrial sector kept investors activity limited despite speculations for early resolution of circular debt issue in Pakistan energy sector. "The recent increase in local urea prices and higher international oil prices kept valuations strong and institutional investors supported the index ahead of pending resolution on CGT issues at KSE"," he added.