After witnessing a bullish trend during the last three consecutive sessions, investors on Thursday opted for profit-taking on available margins and the KSE-100 index registered a correction of 37.15 points to close at 12,330.14 points. Trading activities also reduced, as the volumes at ready counter declined to 111.861 million shares, as compared to 151.289 million shares traded on Wednesday.
Total market capitalisation declined by Rs 9 billion to stand at Rs 3.275 trillion. Out of the total 350 active scrips, 134 closed in negative and 134 in positive, while the value of 82 stocks remained unchanged. Jahangir Siddiqui Co was the volume leader with 12.398 million shares and gained Re 0.50 to close at Rs 8.03.
Summit Bank inched up by Re 0.14 to close at Rs 4.06 with 9.232 million shares. Arif Habib Corp increased by Re 0.80 to close at Rs 24.63 with 8.035 million shares. Azgard Nine gained Re 0.21 to close at Rs 6.64 with 7.252 million shares. Fauji Cement(R) lost Re 0.02 to close at Re 0.04 with 6.106 million shares. Fatima Fertiliser Co inched up by Re 0.21 to close at Rs 14.52 with 5.166 million shares.
BoP lost Re 0.27 to close at Rs 6.98 with 5.068 million shares. Amtex Limited decreased by Re 0.16 to close at Rs 3.36 with 4.712 million shares. Pak Reinsurance declined by Re 0.53 to close at Rs 17.31 with 4.641 million shares. Engro Corp plunged by Rs 2.76 to close at Rs 189.41 with 3.500 million shares.
Bata (Pak) and Nestle Pakistan were the highest gainers increasing by Rs 27.65 and Rs 14.38 to close at Rs 580.68 and Rs 3478.88, respectively while Indus Dyeing and Attock Refinery were the worst losers declining by Rs 17.45 and Rs 6.69 to close at Rs 332.23 and Rs 132.64, respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that the index witnessed consolidation, while high priced stocks witnessed technical correction, moderate opening continued to invited renewed selling in high priced stocks, thus disallowing the index to sustain above 12,400 level. He said that the fuel shortage across the country certainly fuelled the bears thus forcing adjustment in refineries and OMCs, while selective fertiliser stocks offering consistent dividend yield and those away from the wrath of gas curtailment did invite cautious accumulation on dips, allowing with various other defensive stocks, while those under threat from various fronts continued to invite selling from wide spread participants, thus keeping the speculative and high priced stocks under pressure, support extended by Nestle and OGDC.
However, kept the index in brown zone, for most part of the session, day end off-loading, however, dented the index, thus allowing the red marks to re-surface. Low priced stocks, however, gave the turnover-desired support thus allowing the main indicators to suggest consolidation, despite ground realities suggesting otherwise, corporate influx on dips, however restricted unprecedented decline.