KSE index sheds 6.49 points

The KSE-100 index on Tuesday lost 6.49 points to close at its intra-day low level of 13,764.22 points due to profit-taking in late hours. The market opened on strong positive note and the index hit 13,893.81 points intra-day high level on the back of across the board buying by both local and foreign investors. However the index dropped into negative zone due to selling in late hours.
Trading activity slightly improved and the volumes at ready counter increased to 268.727 million shares as compared to 261.021 million shares traded on Monday. Total market capitalisation reduced by Rs 2 billion to stand at Rs 3.529 trillion. Of the total 366 active scrips, 153 closed in positive and 133 in negative zones while the value of 80 stocks remained unchanged.
Fauji Cement was the volume leader with 43.042 million shares and gained Re 0.35 to close at Rs 7.11. In the other cement sector stocks, Lafarge Pakistan, Dewan Cement and DG Khan Cement lost Re 0.13, Re 0.22 and Re 0.78 to close at Rs 5.11, Rs 6.05 and Rs 39.52 with 32.482 million shares, 10.864 million shares and 9.526 million shares respectively. Jahangir Siddiqui Co declined by Re 0.95 to close at Rs 16.84 with 33.227 million shares.
PTCL inched up by Re 0.32 to close at Rs 13.28 with 14.605 million shares. Arif Habib Co lost Re 1.50 to close at Rs 32.83 with 9.465 million shares. Lotte Pakistan PTA gained Re 0.04 to close at Rs 8.87 with 9.250 million shares. Engro Polymer inched up by Re 0.05 to close at Rs 12.73 with 7.818 million shares. Fauji Fertiliser Bin Qasim lost Rs 1.95 to close at Rs 37.67 with 7.599 million shares.
Nestle Pak and Bata (Pak) Limited were the top gainers increasing by Rs 44.09 and Rs 28.75 to close at Rs 4326.06 and Rs 649.17 respectively while Unilever Pak and Sanofi-Aventis were the top losers declining by Rs 134.88 and Rs 6.97 to close at Rs 5738.45 and Rs 167.25 respectively.
Hasnain Asghar Ali, head of equity sales at Invisor Securities said that the early strength in the main board stocks continued to face stiff resistance in shape of corporate off-loading, while low priced and holding companies inviting substantial turnover barely managed to maintaining gains, uncertainty on various fronts therefore restricted the index movement.
He said that the unprecedented delay in issuance of official documentation regarding committed infrastructural delay, has certainly led to reduction in turnover despite hefty contribution by low priced and penny stocks, mainly on unconfirmed news flow suggesting strategic buyout and major turnarounds continue to signal caution, resumption of funds flow from US along with budgetary support from other international lenders stays the only hope for better fiscal, while announcement season that has not been overwhelming might force the prospective buyers on back foot as the result season progresses, dips in frontline stocks may however provide ample opportunities for both trading and placements. ENDS.