Index loses 82.34 points

Panic selling after mid-session on Monday eroded intra-day gains at the share market and KSE-100 index closed at 12,306.70 points with a loss of 82.34 points. The market opened on strong positive note and the index breached the 12,500 points level to hit 12,527.44 points, up 138.40 points, on the back of continuous interest of both local and foreign investors.
However, after mid-session, the investors opted to offload their holdings and the index dropped into negative zone. Trading shrank and the volume at ready counter declined to 135.400 million shares as compared to 151.762 million shares traded on Friday.
Market capitalisation declined by Rs 21 billion to Rs 3.331 trillion. Of 407 active scrips, 217 closed in negative and 166 in positive, while values of 24 scrips remained unchanged. SilkBank was the volume leader with 17.571 million shares and gained Re 0.12 to close at Rs 2.93. NBP, NIB and BoP declined by Re 0.55, Re 0.08 and Re 0.28 to close at Rs 77.10, Rs 3.09 and Rs 9.65 with 4.330 million shares, 3.965 million shares and 3.388 million shares respectively. Lotte Pakistan PTA decreased by Re 0.07 to close at Rs 14.66 with 14.437 million shares.
Fauji Fertiliser Bin Qasim and Engro Corporation surged by Re 0.21 and Rs 6.45 to close at Rs 38.65 and Rs 208.00 with 12.697 million shares and 7.265 million shares respectively. KESC lost Re 0.09 to close at Rs 3.07 with 5.523 million shares. DG Khan Cement declined by Re 0.34 to close at Rs 30.14 with 3.962 million shares. Attock Refinery decreased by Re 0.05 to close at Rs 130.58 with 3.731 million shares.
Rafhan Maize and Clariant Pak were the highest gainers increasing by Rs 14.34 and Rs 8.56 to close at Rs 2104.64 and Rs 195.63 respectively, while Unilever Pak and Nestle Pakistan were the worst losers declining by Rs 45.08 and Rs 23.60 to close at Rs 4308.72 and Rs 2448.06 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that positive development on political front got a positive response from the already gaining bourse, where the main board stocks witnessed exuberant gains on opening. The momentum was led by fertiliser, and was followed by various main board and mid-tier stocks, allowing the index to continue the gaining momentum.
He said that offloading by the prominent participants, who have been accumulators during uncertainty, forced the index to adjust almost 2 percent from intra-day high attained during early trades. Colour of panic in the closing hours, however, forced the index deep into the red zone, he added.