Investors on Karachi stock market on Friday opted for profit taking making the KSE-100 index lose 44.16 points to close at 12,464.26 point s. The market witnessed a mixed trend throughout the session with the index oscillating between 12,532.53 points intra-day high and 12,432.81 points intra-day low level.
Trading remained very low and the volume at ready counter declined to 51.726 million shares as compared to 76.954 million shares traded on Thursday. Market capitalisation declined by Rs 11 billion to Rs 3.287 trillion. Of 328 active scrips, 163 closed in negative and 80 in positive, while the values of 85 stocks remained unchanged.
Engro Corp was the volume leader with 5.810 million shares. However, it lost Rs 1.05 to close at Rs 169.31. Lotte Pakistan PTA decreased by Re 0.15 to close at Rs 14.52 with 5.704 million shares. Fatima Fertiliser Co gained Re 0.06 to close at Rs 14.89 with 4.188 million shares. Bank Al Falah lost Re 0.20 to close at Rs 9.75 with 2.363 million shares. DG Khan Cement decreased by Re 0.25 to close at Rs 23.12 with 2.309 million shares.
Attock Refinery declined by Rs 6.08 to close at Rs 123.46 with 2.244 million shares. SilkBank inched up by Re 0.04 to close at Rs 2.66 with 2.184 million shares. PTCL declined by Re 0.37 to close at Rs 14.39 with 2.139 million shares. Jahangir Siddiqui Co lost Re 0.09 to close at Rs 7.07 with 1.960 million shares. Descon Oxychem increased by Re 0.54 to close at Rs 6.34 with 1.553 million shares.
Nestle Pakistan and Unilever Pak were the highest gainers increasing by Rs 214.61 and Rs 171.61 to close at Rs 4800.95 and Rs 5386.78 respectively, while Service Industus and Attock Refinery were the worst losers declining by Rs 7.35 and Rs 6.08 to close at Rs 179.61 and Rs 123.46 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that tumbling regional and international oil and equity markets took the local equities along, disallowing the syndicated efforts poised towards a healthy closing for the running fiscal year through low volume influx and change of hands in the frontline stock. Despite maximum support by Nestle--stock contributed 40 points on a trade of less then 200 shares--the index was disallowed to sustain green numbers. However, the support did restrict otherwise a triple digit decline.
Stern warning by US, proposing reduction in the pace of military aid, hesitance by IMF on conducting an early review for dispatch of outstanding tranche of standby agreement, and the gloomy economic and financial situation kept the cautious stance alive. Selective activity on dips did restrict massive fall. Stagnation on strength, however, kept the wider market participants in search of substantial fall, while selective participants awaited the price jack-up ahead of June closing, a popular portfolio dressing move, for profit taking, thereby restricting the volatility, while the turnover stayed at dead levels.