Index sheds 7.96 points

RECORDER REPORT

KARACHI: After witnessing a mixed trend on Tuesday, the KSE-100 index closed at 11,517.29 points, down 7.96 points due to selling by foreign investors.

The offshore participants remained net sellers shares worth $3.87 million. The market opened on a positive note on the back of fresh buying mainly in the fertilizer sector stocks and the index hit 11,669.63 points intra-day high. However, the index dropped into negative zone at 11,495.99 points intra-day low level due to selling by foreign investors and profit taking opted by the institutions.

Trading remained low and the volume at ready counter declined to 69.225 million shares as compared to 82.123 million shares traded on last Friday.

Market capitalisation declined by Rs 2 billion to Rs 3.016 trillion.

Of 327 active scrips, 129 closed in negative and 106 in positive, while the values of 92 stocks remained unchanged.

Fatima Fertilizer Co was the volume leader with 10.017 million shares and gained Re 0.58 to close at Rs 24.65. In the other fertilizer sector stocks, Fauji Fertilizer Co (FFC) increased by Rs 1.12 to close at Rs 178.34 with 2.833 million shares, while Fauji Fertilizer Bin Qasim and Engro Corp declined by Re 0.07 and Rs 5.33 to close at Rs 62.28 and Rs 115.99 with 6.947 million shares and 3.285 million shares respectively. Lotte Pakistan PTA lost Re 0.11 to close at Rs 11.96 with 5.901 million shares.

DG Khan Cement gained Re 0.42 to close at Rs 22.22 with 4.683 million shares.

In the banking sector, Bank Al Falah and NBP increased by Re 0.26 and Re 0.18 to close at Rs 11.15 and Rs 43.96 with 2.729 million shares and 1.826 million shares respectively. Azgard Nine lost Re 0.11 to close at Rs 4.00 with 2.677 million shares. Nishat Mills declined by Rs 2.19 to close at Rs 42.30 with 2.136 million shares.

Sitara Chemical and Fazal Cloth were highest gainers by Rs 3.90 and Rs 3.43 to close at Rs 84.40 and Rs 72.06 respectively, while Unilever Pak and Nestle Pakistan were worst losers by Rs 107.99 and Rs 63.24 to close at Rs 5712.01 and Rs 3260.76 respectively. Ahsan Mehanti at Arif Habib Investments said that the stocks finished lower at KSE on foreign selling and profit-taking opted by institutions.

He said that the strong corporate results announced by Pakistan Petroleum, higher local commodity prices in cement, fertilizer sectors supported the market sentiment in the quarter end earnings announcement session.

The investors remained concerned over uncertainty in Pak-US relations after tough message to Pakistan by US Secretary of State to act with US led war on militants despite favorable amendments in SBP banking sector regulations allowing forced sales value of mortgaged properties held as collateral against NPLs up to 75 percent, he added.