The KSE-100 index on Tuesday lost 66.42 points and closed at 12,360.94 points due to profit taking, mainly by institutions. The rising circular debt in the Pakistan energy sector and declining oil prices in the international market invited selling and the index remained in red after positive opening.
Trading remained low and the volume at ready counter was recorded at 94.357 million shares as compared to 109.024 million shares of Monday. Market capitalisation declined by Rs 16 billion to Rs 3.344 trillion. Of 402 active scrips, 228 closed in negative and 148 in positive, while the values of 26 scrips remained unchanged.
Lotte Pakistan PTA was the volume leader with 16.807 million shares. However, it lost Re 0.15 to close at Rs 16.49. Sui Southern Gas Company surged by Rs 1.29 to close at Rs 27.20 with 11.457 million shares. Sui Northern Gas lost Re 0.35 to close at Rs 2646 with 2.017 million shares. Nimir Ind Chemical lost Re 0.41 to close at Rs 2.70 with 9.274 million shares.
Fauji Fertiliser Bin Qasim inched up by Re 0.04 to close at Rs 41.50 with 5.018 million shares. Dewan Salman gained Re 0.09 to close at Rs 3.23 with 3.996 million shares. BoP increased by Re 0.22 to close at Rs 8.58 with 3.967 million shares. Azgard Nine lost Re 0.31 to close at Rs 11.29 with 3.494 million shares. Descon Chemical declined by Re 0.47 to close at Rs 3.01 with 1.918 million shares. Amtex gained Re 0.23 to close at Rs 4.04 with 1.672 million shares.
Rafhan Maize and Unilever Foods were the highest gainers increasing by Rs 127.03 and Rs 50.75 to close at Rs 2667.65 and Rs 1157.84 respectively, while Unilever Pak and Shezan International were the worst losers declining by Rs 17.66 and Rs 10.15 to close at Rs 4405.94 and Rs 192.90 respectively.
Ahsan Mehanti at Arif Habib Investments said that bearish activity was witnessed with thin volumes on institutional profit-taking and limited foreign interest. He said that investors'' concerns for rising circular debt in Pakistan energy sector, the fall in international oil price near to $87 and concerns for a hold in US bilateral contacts with Pakistan until accused consulate employee was freed affected the market sentiment throughout the trading session.