Index sheds 88 points

The KSE-100 index on Friday declined by 88.01 points and closed at 11,347.66 points due to profit taking opted by both local and foreign investors. The market opened on a positive note and the index hit 11,466.22 points intra-day high. However, just after opening the session the investors opted for profit taking and the index dropped into negative to 11,297.77 points intra-day low level.
Trading, however, improved and the volume at ready counter increased to 62.569 million shares as compared to 44.561 million shares traded on Thursday. Market capitalisation declined by Rs 21 billion to Rs 2.945 trillion. Of 296 active stocks, 113 closed in negative and 98 in positive, while the values of 85 stocks remained unchanged.
NIB Bank was the volume leader with 8.139 million shares and closed at Rs 1.73, up Re 0.01. TRG Pakistan gained Re 0.08 to close at Rs 1.22 with 7.730 million shares. Habib Sugar Mills declined by Rs 1.15 to close at Rs 21.91 with 4.732 million shares. Azgard Nine closed at Rs 2.85, down Re 0.23 with 3.195 million shares.
PTCL inched up by Re 0.41 to close at Rs 10.39 with 2.825 million shares. In the fertiliser sector, Fauji Fertiliser Bin Qasim and Engro Corp declined by Rs 1.76 and Rs 4.57 to close at Rs 92.70 with 2.234 million shares. Dawood Hercules gained Re 0.09 to close at Rs 42.39 with 2.142 million shares. Bank of Khyber closed at previous closing level of Rs 5.40 with 2.676 million shares. Hub Power Co lost Re 0.50 to close at Rs 34.20 with 1.759 million shares.
Nestle Pakistan and Siemens Pak were highest gainers by Rs 159.23 and Rs 49.40 to close at Rs 3597.11 and Rs 1056.75 respectively, while Unilever Pakistan and Attock Petroleum were worst losers by Rs 164.05 and Rs 5.85 to close at Rs 5565.80 and Rs 412.50 respectively. Hasnain Asghar Ali at Aziz Fidahusein Co said that despite maximum support exerted through low volume strength in Nestle, across the board offloading from both local and foreign corridors disallowed the index to manage positive close on the last session of the calendar year 2011.
The gas shortfall-led sell-off in fertiliser stocks initiated the negativity, which was soon joined by various high priced stocks, struggling to invite renewed buying interest. Stagnation, therefore, forced the existing stakeholders to reduce their holdings. Absence of buyers on intervals added colour of panic, leading to various instances of low volume price erosion. Turnover continued to stay on the lower side, wherein below par and penny stocks made 40 percent contribution to total turnover.