Index loses 103.34 points

The KSE-100 index on Monday lost 103.34 points and closed at the level of 12,359.36 points due to selling after mid session mainly by local investors. The market opened on a positive note and the index hit 12,613.14 points intra-day high level, up 150.44 points.
The foreign investors'' interest continued with the market seeing a fresh net inflow of $1.01 million; however the local investors and institutions opted to offload their holding on available margins after mid session and the index dropped into negative zone.
Trading activity however improved as the volumes at ready counter increased to 121.348 million shares as compared to 87.909 million shares traded on the last trading session. The overall market capitalisation declined by Rs 27 billion to stand at Rs 3.342 trillion. Out of the total 395 active scrips, 237 closed in negative, 143 in positive while the value of 15 scrips remained unchanged.
Lotte Pakistan PTA was the volume leader with 11.474 million shares, however it lost Re 0.19 to close at Rs 15.34. Nishat (Chunian) gained Re 0.59 to close at Rs 24.14 with 8.001 million shares. PTCL declined by Re 0.60 to close at Rs 18.59 with 7.403 million shares.
Fauji Fertiliser Bin Qasim decreased by Re 0.17 to close at Rs 41.02 with 6.690 million shares, while Engro Corporation increased by Re 0.75 to close at Rs 212.82 with 5.642 million shares. Azgard Nine lost Re 0.37 to close at Rs 11.28 with 5.258 million shares. Hub Power Co declined by Re 0.21 to close at Rs 38.79 with 4.302 million shares.
Attock Refinery lost Rs 6.96 to close at Rs 132.40 with 3.775 million shares. POL declined by Rs 4.14 to close at Rs 324.77 with 3.516 million shares. Nishat Mills decreased by Re 0.81 to close at Rs 66.24 with 3.406 million shares.
Nestle Pakistan and Rafhan Maize were the top gainers increasing by Rs 110.89 and Rs 65.08 to close at Rs 3404.64 and Rs 2385.08, respectively while Unilever Foods and Siemens Pak were the worst losers declining by Rs 56.98 and Rs 28.00 to close at Rs 1160.01 and Rs 1107.00, respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said the low volume strength attained due to surprise move by SBP of maintaining the interest rate did allow the benchmark to register triple digit gains, strength however proved artificial as it failed to invite follow-up support, absence of buyers on intervals led to a massive low volume price erosion thus pushing the index in red-zone.
He said the decision by the SBP of maintaining the local interest rates along with rising trend in international oil market gave the local bourse much desired trigger, although wider market failed to match gains, oil and gas exploration stocks led the show along with fertiliser stocks, wherein some invited buyers on hefty payouts while other invited speculative follow-up, to the support initiated by the respective group, accompanied by various mid-tier stocks, thereby allowing the bench-mark to register intra-day gains to the tune of 1.22 percent mainly on technical recovery.
He said the low volumes however continued to restrict the day traders and market punters as they seemingly traded with clipped strength, while expensive stocks continued to invite sell-off by the institutional participants, renewed speculative and high quantum activity by the local holding companies and offshore participants did keep the triple digit gains intact for most part of the session, midday stagnation and absence of follow-up support however forced the index to wipe of substantial gains due to massive price erosion, despite low volume strength in expensive stocks, to avert wider bearish impact on the benchmark.