Index gains 4.81 points

The Karachi Stock Market on Thursday opened on a negative note and the KSE-100 index hit 12,186.69 points intra-day low level due to deteriorating law and order situation in the city. However, late buying in some selective stocks supported the index to recover its intra-day losses and to close in positive at 12,267.33 points, up 4.81 points.
Due to prevailing situation in the city, the KSE board decided to shorten the session and suspend the market at 01:45pm, against the normal closing time of 03:30pm. Trading activities remained extremely low as the volumes at ready counter declined to 25.316 million shares as compared to 42.497 million shares traded on Wednesday. Out of the total 249 active scrips, 109 closed in negative and only 61 in positive while the value of 79 stocks remained unchanged.
Byco Petroleum was the volume leader with 7.516 million shares and gained Re 0.06 to close at Rs 9.27. Fauji Fertiliser Co and Fauji Fertiliser Bin Qasim increased by Rs 1.76 and Re 0.13 to close at Rs 157.70 and Rs 45.59 with 2.352 million shares and 2.073 million shares respectively while Engro Corp declined by Rs 3.54 to close at Rs 155.94 with 1.363 million shares. PTCL lost Re 0.33 to close at Rs 13.38 with 1.658 million shares.
Jahangir Siddiqui Co decreased by Re 0.03 to close at Rs 7.36 with 1.350 million shares. Lotte Pakistan PTA lost Re 0.07 to close at Rs 12.91 with 1.322 million shares. In the banking sector, Bank Al Falah gained Re 0.26 to close at Rs 10.29 with 1.296 million shares, while NBP and SilkBank lost Re 0.56 and Re 0.04 to close at Rs 52.45 and Rs 2.46 with 0.520 million shares and 0.449 million shares respectively.
Nestle Pakistan and Unilever Pak were the highest gainers increasing by Rs 126.21 and Rs 78.68 to close at Rs 4320.01 and Rs 5998.67 respectively while Rafhan Maize and Al-Ghazi Tractors were the worst losers declining by Rs 54.57 and Rs 5.92 to close at Rs 2500.96 and Rs 222.08 respectively. Hasnain Asghar Ali at Aziz Fidahusein Co said that Nestlé's support disallowed wider market reflection on the benchmark, accumulation in Fertiliser stocks of Fauji group allowed the turnover to keep ticking, despite fast deteriorating law and order situation.
He said that the sell-off in the high priced stocks however kept the majority front liners in red zone, anxiety did increase towards the closing hour of the cut short session, due to absence of buyers on intervals, however the benchmark managed to close in the neutral zone, despite 27 points contribution by nestle.
He said that the likely repercussion of the Mumbai attacks, might add to the various internal threats, and external matters, the growing temperatures in the local political scene, tense law and order situation, awkward financial and economic matters, along with cold relations with US, and curtailed local strength and number of participants at the local equity markets, high priced stocks struggling to sustain the attained levels are likely to stay under pressure while equity specific funds are likely to be placed in the stocks offering consistent dividend yields, sustaining on the track of growth, having low impact cost and high free float, thus keeping the options limited, caution therefore stays the call.