Index loses 123.22 points

The KSE-100 index on Thursday declined by 123.22 points to close at 13,693.74 points as investors opted for selling due to selling mainly by local investors and institutions. The market opened slightly positive and the index touched 13,828.17 points intra-day high level. However, the index dropped into deep red at 13,598.30 points intra-day low level due to selling by local corridors.
Trading activities also remained low as the volumes at ready counter declined to 340.509 million shares as compared to 511.291 million shares traded on Wednesday. Total market capitalisation declined by Rs 35 billion to stand at Rs 3.515 trillion. Of the total 360 active scrips, 212 closed in negative and only 92 in positive zones while the value of 56 stocks remained unchanged.
Fauji Cement was the volume leader with 30.143 million shares, however lost Re 0.46 to close at Rs 6.69. In the other cement sector stocks, DG Khan Cement, Lafarge Pakistan and Dewan Cement declined by Rs 2.00, Re 0.34 and Re 0.19 to close at Rs 39.97, Rs 5.24 and Rs 7.46 with 21.512 million shares, 17.966 million shares and 17.558 million shares respectively.
Jahangir Siddiqui Co decreased by Rs 1.04 to close at Rs 19.77 with 27.845 million shares. Azgard Nine lost Re 0.78 to close at Rs 9.08 with 18.585 million shares.
Dewan Salman gained Re 0.29 to close at Rs 2.99 with 12.570 million shares. Nishat Mills declined by Rs 2.26 to close at Rs 56.25 with 10.938 million shares.
Dewan Motors inched up by Re 0.93 to close at Rs 4.11 with 10.908 million shares. Askari Bank gained Re 0.24 to close at Rs 14.89 with 10.181 million shares.
Nestle Pak and Island Textile were the top gainers increasing by Rs 70.08 and Rs 7.92 to close at Rs 4420.51 and Rs 237.57 respectively while Sanofi-Aventis and EFU General Ins were the worst losers declining by Rs 9.38 and Rs 4.41 to close at Rs 183.49 and Rs 84.91 respectively.
Ahsan Mehanti at Arif Habib Corporation said that the Pakistan stocks closed lower on institutional profit taking in stocks across the board in the quarter end earnings announcement session at KSE.
He said that the concerns over balance of payments pressure on Pakistan economy indicated by ADB report and uncertainty in global stocks and commodities kept volumes on lower side.
The investors remained cautious ahead of SBP key policy rate announcement due on Friday.