Bearish trend continued at the share market on Tuesday and the KSE-100 index lost 85.98 points to close at 12,273.38 points. The market opened on a positive note and the index hit 12,420.40 points intra-day high, up 61.04 points. However, this trend could not continue due to selling by local investors, and the index dropped into negative zone to hit 12,174.98 points intra-day low level, down 184.38 points.
Trading, however, improved slightly and the volume at ready counter increased to 132.737 million shares against 121.348 million shares traded on Monday. Market capitalisation declined by Rs 26 billion to Rs 3.316 trillion. Of 394 active scrips, 263 closed in negative and 108 in positive, while the values of 23 scrips remained unchanged. Lotte Pakistan PTA was the volume leader with 18.436 million shares.
However, it lost Re 0.19 to close at Rs 15.15. PTCL gained Re 0.10 to close at Rs 18.69 with 7.894 million shares. Azgard Nine decreased by Re 0.32 to close at Rs 10.96 with 7.748 million shares. Nishat Mills declined by Rs 2.00 to close at Rs 64.24 with 7.158 million shares.
Fauji Fertiliser Bin Qasim lost Rs 0.39 to close at Rs 40.63 with 6.745 million shares. Arif Habib Corp declined by Rs 1.09 to close at Rs 25.05 with 6.282 million shares. Hub Power Co decreased by Re 0.84 to close at Rs 37.95 with 4.951 million shares.
Engro Corporation increased by Rs 1.77 to close at Rs 214.59 with 4.602 million shares. Fauji Fertiliser Co declined by Rs 4.76 to close at Rs 147.66 with 3.612 million shares. Nishat (Chunian) lost Re 0.57 to close at Rs 23.57 with 3.505 million shares. Nestle Pakistan and Clariant Pak were the highest gainers, increasing by Rs 85.42 and Rs 9.67 to close at Rs 3490.06 and Rs 203.24 respectively, while Unilever Pak and Colgate Palmolive were the worst losers declining by Rs 158.11 and Rs 35.35 to close at Rs 4372.13 and Rs 940.08 respectively.
Ahsan Mehanti at Arif Habib Investments said that bearish activity continued at the bourse after Ogra held POL prices despite rising trend in oil prices in the international market over $101 avoiding public backlash from proposed price hike and considers removal of deemed duty of oil refineries. He said that concerns for rising circular debt in Pakistan energy sector and fiscal deficits affected investors' sentiment and invited profit taking in scrips across the board despite support from foreign investors in blue chip scrips.