Index loses 77.12 points

The KSE-100 index on Monday declined by 77.12 points to close at 15,375.52 points due to profit taking mainly by local investors. Although the opening was positive and the index once again breached 15,500 psychological level to hit 15,514.41 points intra-day high, however selling by local investors eroded the intra-day gains and forced the index into negative zone at 15,354.05 points intra-day low level.
The foreign investors'' interest continued and they remained net buyers of shares worth 1.85 million dollars. Trading activities also remained extremely low as the volumes at ready counter declined to 85.78 million shares as compared to 159.264 million shares traded on last trading session. Total market capitalisation reduced by Rs 21 billion to stand at Rs 3.891 trillion. Of the total 319 active stocks, 195 closed in negative and 100 in positive while the value of 24 stocks remained unchanged.
KESC was the volume leader with 8.754 million shares however lost Re 0.3 to close at Rs 6.35. PTCL decreased by Re 0.08 to close at Rs 18.94 with six million shares. Nimir Ind Chemicals declined by Re 0.34 to close at Rs 4.08 with 4.302 million shares. In the banking sector, NIB Bank and Bank Al Habib lost Re 0.05 and Re 0.03 to close at Rs 2.58 and Rs 28.92 with 2.956 million shares and 2.439 million shares respectively.
In the cement sector, Fauji Cement and DG Khan Cement decreased by Re 0.1 and Re 0.51 to close at Rs 5.94 and Rs 47.54 with 2.841 million shares and 2.13 million shares respectively, while Lafarge Pakistan inched up by Re 0.03 to close at Rs 5.3 with 2.162 million shares.
Engro Corporation gained Re 0.09 to close at Rs 106.22 with 2.652 million shares while Fatima Fertiliser Co lost Re 0.11 to close at Rs 23.89 with 1.98 million shares. Island Textile and Abbott Lab were the top gainers increasing by Rs 14.7 and Rs 6.4 to close at Rs 308.7 and Rs 191.44 respectively, while Siemens Pakistan and Dreamworld were the top losers declining by Rs 47.74 and Rs 22 to close at Rs 907.25 and Rs 418 respectively.
Ahsan Mehanti at Arif Habib Corporation said Pakistan stocks closed bearish amid thin trade after global stocks and commodities plunged on concerns for global economic slowdown and fall in German business climate index. He said the investors booked profit in the future contract rollover week amid consolidation post major announcements at KSE. "The fears ahead of foreign selling on global stocks fall led investor activity on cautious note despite hopes for strong earnings outlook on quarter end and positive outcome Pak-IMF meetings", he added.