Index sheds 248.7 points

A declining trend in the global markets and deteriorating law and order situation in Karachi invited panic selling on Karachi share market on Friday and the KSE-100 index nose-dived 248.70 points to close at 10,879.82 points. Selling was seen from both local and foreign investors and the index failed to sustain 11,000 points level. Foreign investors withdrew $1.76 million from the equity market.
Due to low participation by both local and foreign investors, trading remained low and the volume at ready counter declined to 41.012 million shares as compared to already low volumes of 41.622 million shares of Thursday. Market capitalisation declined by Rs 64 billion to Rs 2.899 trillion. Of 279 active scrips, 158 closed in negative and 38 in positive, while the values of 83 scrips remained unchanged. Lotte Pakistan PTA was the volume leader with 3.723 million shares. However it lost Re 0.41 to close at Rs 10.72.
Fatima Fertiliser Company, Engro Corporation, Fauji Fertiliser Bin Qasim and Fauji Fertiliser Company (FFC) declined by Re 0.28, Rs 5.86, Re 0.63 and Re 0.98 to close at Rs 15.95, Rs 111.86, Rs 46.64 and Rs 153.27 with 2.890 million shares, 1.664 million shares, 1.415 million shares and 1.363 million shares respectively. Jahangir Siddiqui Co lost Re 0.23 to close at Rs 5.41 with 2.431 million shares.
Fauji Cement and Lucky Cement decreased by Re 0.29 and Re 0.91 to close at Rs 3.00 and Rs 71.02 with 2.113 million shares and 2.051 million shares respectively. Azgard Nine lost Re 0.26 to close at Rs 4.43 with 1.535 million shares. NBP declined by Rs 2.17 to close at Rs 41.30 with 1.492 million shares.
Nestle Pakistan and Sanofi-Aventis were highest gainers, increasing by Rs 8.13 and Rs 7.47 to close at Rs 3602.99 and Rs 157.50 respectively, while Unilever Pak and Siemens Pak were worst losers, declining by Rs 79.40 and Rs 30.47 to close at Rs 5509.00 and Rs 849.53 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that the tumbling regional and international bourses, deteriorating law and order situation and polluted financial and economic horizon kept the local bourse under extreme pressure, wherein high priced stocks led the bear-run. Various stances of low volume price erosion due to curtailed local strength and absence of buyers forced the index to head towards intermediary support of 10,700 points.