Index sheds 2.91 points

Profit-taking in late hours on Friday eroded the early gains and the KSE-100 index closed at 11,262.04 points, marginally down 2.91 points. The market opened on a strong bullish note on the back of investors'' interest on dips and the index hit 12,408.00 points intra-day high level, up 143.05 points.
However, the momentum could not continue due to absence of follow-up support as the investors opted for profit taking on available margins and the index dropped into negative zone at 11,232.27 points intra-day low level, down 32.68 points. Trading remained low and the volumes at ready counter stood at 53.866 million shares as compared to 58.450 million shares traded on Thursday.
Market capitalisation declined by one billion rupees to Rs 3.000 trillion. Of 289 active scrips, 121 closed in positive and 90 in negative, while the values of 78 stocks remained unchanged. Pakgen Power was the volume leader with 6.983 million shares and gained Re 1.00 to close at Rs 19.77. NBP increased by Re 0.92 to close at Rs 46.03 with 3.464 million shares. Fauji Fertiliser Bin Qasim inched up by Re 0.28 to close at Rs 47.19 with 2.818 million shares. Nishat Power surged by Re 0.83 to close at Rs 15.42 with 2.607 million shares. Jahangir Siddiqui Co closed at Rs 6.06, up Re 0.03 with 2.594 million shares.
Nishat Mills surged by Rs 2.06 to close at Rs 43.32 with 2.525 million shares. Engro Corp declined by Rs 3.69 to close at Rs 132.08 with 2.523 million shares. Azgard Nine inched up by Re 0.13 to close at Rs 4.98 with 2.462 million shares. Lotte Pakistan PTA closed at Rs 10.79, up Re 0.02 with 2.051 million shares. POL surged by Rs 5.07 to close at Rs 348.34 with 2.034 million shares.
Al Ghazi Tractors and Pak Oilfields were highest gainers, increasing by Rs 6.27 and Rs 5.07 to close at Rs 203.95 and Rs 348.34 respectively, while Unilever Pak and Nestle Pakistan were worst losers, declining by Rs 261.49 and Rs 104.42 to close at Rs 5626.49 and Rs 3846.63 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that recovery in technically oversold regional and international bourses did allow the local syndicate operating from both local and offshore circuits to stage a rally, leading to an air pocket opening in the index as well as in various high priced stocks. This allowed the index to register triple digit gains in initial trade.
He said that absence of follow-up as depicted by persistently declining turnover from past week disallowed the index to sustain early gains. Even the dividend yielding stocks, reporting growth in earnings, witnessed profit taking and corporate sell-off, while low volume price erosion due to low turnover and vacuum, most probably created by the syndicate, forced the red numbers to re-surface in the closing hours.