Index drops 153.95 points

Investors on Friday opted for profit taking on available margins and the benchmark KSE-100 index declined by 153.95 points to close at the level of 13,297.12 points. The market opened on positive note and the index hit 13,500.39 points intra-day high level. However, this momentum could not continue as the investors opted for profit taking and the index dropped into negative zone at 13,253.38 points intra-day low level.
Trading activities significantly improved as the volumes at ready counter increased to 426.213 million shares as compared to 336.913 million shares traded on Thursday. Total market capitalisation declined by Rs 46 billion to stand at Rs 3.442 trillion. Of the total 373 active scrips, 181 closed in negative and 129 in positive while the value of 63 stocks remained unchanged.
Lafarge Pakistan was the volume leader with 57.481 million shares and gained Re 0.41 to close at Rs 3.87. In the other cement sector stocks, Fauji Cement, Dewan Cement and DG Khan Cement lost Re 0.06, Re 0.13 and Re 0.22 to close at Rs 5.44, Re 4.06 and Rs 30.76 with 22.340 million shares, 17.379 million shares and 15.929 million shares respectively.
Jahangir Siddiqui Co increased by Re 0.73 to close at Rs 18.39 with 48.677 million shares. KESC gained Re 1.00 to close at Rs 3.37 with 20.068 million shares. Pervez Ahmed lost Re 0.11 to close at Rs 4.27 with 14.196 million shares. JS Bank declined by Re 0.57 to close at Rs 6.29 with 10.080 million shares. JS Investments closed at Rs 11.29, down Re 0.14 with 9.830 million shares.
Nestle Pak and Unilever Pak were the highest gainers increasing by Rs 101.00 and Rs 9.18 to close at Rs 4400.00 and Rs 5715.10 respectively while Wyeth Pak and PSO were the worst losers declining by Rs 12.62 and Rs 12.06 to close at Rs 737.04 and Rs 248.22 respectively.
Hasnain Asghar Ali, Head of Equity Sales at Invisor Securities said that a medium to high scale technical adjustment eroded the values at the local equity markets, foreign outflow in previous session most likely on international and regional tensions, did aggravate a relatively low volume sell-off, wherein the front line stocks from E&P and banking sectors led the decline on off-loading initiated by local corporate corridors, thus forcing the benchmark to undergo a deep negative spell after initial strength that allowed the index to briefly test 13,500.
While low priced stocks on unconfirmed news flows regarding turnarounds on fresh capital inflow, strategic buyouts and mergers and acquisitions continued to pour in volume and consolidate gains, deep discounts in frontline stocks did witness conservative accumulation wherein selective stocks those have been consistent in payout and earnings growth, despite a gloomy economic and financial horizon and energy cuts and shortfalls invited cautious accumulation, low quantum buying and issues of law and order disallowed the buying to inspire the benchmarks as both KSE-100 and KSE-30 ended in deep negative zone.