Index loses 82.18 points

Bearish trend continued at the Karachi share market on Thursday and the KSE-100 index registered another decline of 82.18 points to close at the level of 11,652.54 points. The opening was positive on the back of investors' interest at the available low levels that supported the index to hit 11,811.29 points intra-day high level.
However, the momentum could not continue due to absence of follow-up support, as investors opted for selling after mid session and the index dropped at 11,622.16 points intra-day low level. Trading activities slightly improved, as the volumes at ready counter increased to 89.026 million shares, as compared to 45.822 million shares traded a day earlier.
Total market capitalisation declined by Rs 23 billion to stand at Rs 3.106 trillion. Out of the total 345 active scrips, 198 closed in negative and only 69 in positive, while the value of 78 scrips remained unchanged. Lotte Pakistan PTA was the volume leader with 12.452 million shares, however lost Re 0.62 to close at Rs 15.10. Jahangir Siddiqui Co declined by Re 0.88 to close at Rs 6.67 with 7.475 million shares. Azgard Nine decreased by Re 1.00 to close at Rs 6.76 with 7.157 million shares.
DG Khan(R) gained Re 0.41 to close at Rs 5.21 with 6.019 million shares. Lucky Cement and DG Khan Cement increased by Re 0.39 and Re 0.24 to close at Rs 70.10 and Rs 24.39 with 3.910 million shares and 3.552 million shares, respectively. In the fertiliser sector, Fauji Fertiliser Bin Qasim lost Re 0.30 to close at Rs 40.14 with 3.212 million shares, while Fauji Fertiliser Co (FFC) surged by Rs 1.27 to close at Rs 138.71 with 2.726 million shares. Silk Bank inched up by Re 0.01 to close at Rs 2.12 with 2.257 million shares. Nishat (Chunian) declined by Re 0.21 to close at Rs 27.67 with 2.031 million shares.
Unilever Pak and Pak Engineering were the highest gainers increasing by Rs 40.45 and Rs 4.70 to close at Rs 5037.60 and Rs 99.70, respectively, while Nestle Pakistan and Colgate Palmolive were the worst losers declining by Rs 22.11 and Rs 19.86 to close at Rs 3474.81 and Rs 649.18, respectively.
Ahsan Mehanti at Arif Habib Investments said that the bearish activity was witnessed in scrips across the board on limited institutional and foreign interest in the earning announcements session. He said that the investors remained concerned over power and gas shortages in the country affecting industrial output. The concerns for Pak-US ties after drone attacks in Pakistan and rising security concerns in the city played a catalyst role in negative close at KSE despite investor support in cement, fertiliser stocks on rising local commodity prices, he added.