Index loses 55.79 points

Despite foreign continuous foreign investors' interest, the KSE-100 index on Thursday lost 55.79 points and closed at the level of 11,792.83 points due to profit taking by local participants.
Although the index crossed 11,900 psychological level to hit 11,910.02 points intra-day high level during the session on the back of foreign investors support, who were net buyers of $1.2 million, however this momentum could not continue due to selling by local participants and the index dropped into negative zone at 11,766.68 points intra-day low level.
Trading activities also remained low as the volumes at ready counter declined to 90.504 million shares as compared to 93.442 million shares traded on Wednesday. The overall market capitalisation declined by Rs 15 billion to stand at Rs 3.203 trillion. Out of the total 404 active scrips, 220 closed in negative and 165 in positive while the value of 19 scrips remained unchanged.
Azgard Nine was the volume leader with 8.824 million shares and gained Re 0.43 to close at Rs 10.09. Hub Power Co lost Re 0.84 to close at Rs 36.73 with 4.745 million shares. Fatima Fertiliser Co decreased by Re 0.18 to close at Rs 9.39 with 4.728 million shares. NBP declined by Rs 0.33 to close at Rs 71.93 with 3.553 million shares.
Dewan Salman inched up by Re 0.02 to close at Rs 3.27 with 3.438 million shares. Lotte Pakistan PTA lost Re 0.08 to close at Rs 13.15 with 2.973 million shares. Eye Television gained Re 0.25 to close at Rs 21.30 with 2.820 million shares. Engro Corporation declined by Rs 1.75 to close at Rs 195.59 with 2.751 million shares. DG Khan Cement decreased by Re 0.75 to close at Rs 30.01 with 2.717 million shares. Nishat Mills lost Rs 1.64 to close at Rs 61.61 with 2.135 million shares.
Unilever Foods and Wyeth Pak were the highest gainers increasing by Rs 26.25 and Rs 25.00 to close at Rs 1071.25 and Rs 1140.00 respectively while Rafhan Maize and Bata Pak were the worst losers declining Rs 59.75 and Rs 6.95 to close at Rs 2115.25 and Rs 679.00 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that the positive opening was yet again managed by the index, led by bull-run in Engro, thus allowing a wide spread activity, however, a delayed announcement, negating the news of commencement of trial production of new plant, not only forced massive sell-off in the stock, entire main board that was already resisting technical adjustment during opening hour, came under pressure, wherein low volumes led to various events of low volume price erosion.
He said an across the board sell-off in the frontline stocks of almost all the sectors amid low turnover, however, selective buying and low volume gains in illiquid expensive stocks disallowed the benchmark to reflect wider decline, thus disallowing any major correction in index numbers, stagnation led sell-off was quite prominent in various stocks, while the stocks offering consistent dividend yields along with growth prospects despite tougher economic, financial and interest rate environment, did invite cautious accumulation.
Fears of louder impact of the rising trend in the international oil prices on the fragile economy and saturation led stagnation clearly overpowered the positive impact, of the situation on the oil and gas exploration stocks if efficiently capitalised by the management of the listed companies.