Index sheds 98.22 points

The prevailing political and law and situation affected investors'' sentiment and the KSE-100 index on Monday declined by 98.22 points to close at 12,291.90 points, despite foreign investors'' support. Foreign investors were net buyers of shares worth $2.7 million. On the other hand, local investors opted to offload their holdings.
The market opened on a positive note and the index hit 12,420.57 points intra-day high level due to foreign investors'' support. However, the momentum could not continue due to selling by local participants and the index dropped into negative at 12,284.45 points intra-day low level. Trading remained very low and the volumes at ready counter stood at 31.591 million shares.
Market capitalisation declined by Rs 24 billion to Rs 3.238 trillion. Of 372 active scrips, 145 closed in negative and 73 in positive, while the values of 154 stocks remained unchanged. Pace (Pak) was the volume leader with 3.313 million shares. However, it lost Re 0.05 to close at Rs 2.18. PTCL decreased by Re 0.06 to close at Rs 14.08 with 2.355 million shares. Fauji Fertiliser Bin Qasim gained Re 0.21 to close at Rs 44.11 with 2.232 million shares. Jahangir Siddiqui Co lost Re 0.24 to close at Rs 7.29 with 2.044 million shares. Engro Corp declined by Rs 1.44 to close at Rs 158.96 with 1.434 million shares. Azgard Nine decreased by Re 0.03 to close at Rs 5.96 with 1.398 million shares.
NBP lost Re 0.44 to close at Rs 53.11 with 1.306 million shares. Lotte Pakistan PTA decreased by Re 0.08 to close at Rs 13.22 with 1.197 million shares. Habib Sugar Mills declined by Re 0.63 to close at Rs 26.01 with 1.152 million shares. Arif Habib Corp gained Re 0.29 to close at Rs 25.44 with 1.080 million shares. Unilever Pak and Searle Pakistan were the highest gainers, increasing by Rs 192.08 and Rs 2.80 to close at Rs 5467.25 and Rs 58.81 respectively, while Nestle Pakistan and Packages were the worst losers declining by Rs 218.58 and Rs 5.36 to close at Rs 4153.06 and Rs 105.64 respectively.
Samar Iqbal at Topline Securities said that the deteriorating city''s situation affected the sentiment. The long awaited news of relaxation in margin requirements in derivative markets did not boost any sentiment. With low volume, KSE-100 index closed to 3-week low level. Focus remained on low priced stocks as PACE led the volume followed by PTC and FFBL. Nestle continued to negatively affect the index off 100 points loss 40 were contributed by illiquid Nestle Pakistan.