Index loses 39.32 points

Investors on Thursday opted to offload their holdings ahead of a long weekend and the KSE-100 index lost 39.32 points to close at 10,901.76 points. Although, the market witnessed some support in initial hours and the index once again breached 11,000 crucial level to hit 11,007.59 points intra-day high. However the investors opted for selling and the index dropped into negative at 10,835.92 points intra-day low level.
Trading activities slightly improved, as the volumes at ready counter increased to 44.820 million shares, as compared to 39.979 million shares traded on Wednesday. Total market capitalisation declined by Rs 17 billion to stand at Rs 2.896 trillion. Out of the total 283 active scrips, 137 closed in negative and only 65 in positive, while the value of 81 stocks remained unchanged. NBP was the volume leader with 8.5 million shares, however, lost Rs 1.77 to close at Rs 38.08. Lotte Pakistan PTA gained Re 0.23 to close at Rs 11.08 with 7.441 million shares.
In the fertiliser sector, Fauji Fertiliser Bin Qasim inched up by Re 0.05 to close at Rs 47.35 with 5.255 million shares, however Fauji Fertiliser Co (FFC), Engro Corp and Fatima Fertiliser Co declined by Rs 3.22, Rs 3.36 and Re 0.25 to close at Rs 153.83, Rs 116.64 and Rs 15.90 with 1.176 million shares, 1.169 million shares and 0.901 million shares, respectively. PTCL lost Re 0.58 to close at Rs 10.83 with 1.310 million shares.
POL declined by Rs 4.27 to close at Rs 350.58 with 1.279 million shares. Packages Limited surged by Rs 3.06 to close at Rs 97.24 with 0.930 million shares. Arif Habib Corp lost Re 0.35 to close at Rs 22.95 with 0.912 million shares.
Al Ghazi Tractors and Millat Tractors were the highest gainers increasing by Rs 5.84 and Rs 5.37 to close at Rs 215.84 and Rs 436.17, respectively, while Nestle Pakistan and Siemens Pak were the worst losers declining by Rs 51.38 and Rs 39.53 to close at Rs 3411.38 and Rs 810.00, respectively. Hasnain Asghar Ali at Aziz Fidahusein Co said that the volatile political and law and order situation, dumping by off-shore participants, left the local with no choice, but sell.
He said the bear run was led by banking stocks and duly followed by the front line stocks, considered expensive, mainly due to CGT led curtailment in local strength, thereby keeping the local equities in search for sustainable multiples, while the benchmark, despite syndicated hand shifts in previous sessions failed to find support, while it heads to test intermediary support of 10,700.