The KSE-100 index on Friday lost 62.21 points and closed at 11,286.21 points due to profit taking, mainly by local investors in the second half with low volumes. After opening in negative, the market witnessed mixed trend with the index oscillating between 11,396.29 points intra-day high and 11,258.65 points low.
Trading remained low and the volume at ready amounted to 72.657 million shares as compared to 90.931 million shares traded on Thursday. Market capitalisation declined by Rs 13 billion to Rs 2.992 trillion. Of 322 active scrips, 123 closed in negative and 109 in positive, while the values of 90 stocks remained unchanged.
Lotte Pakistan PTA was the volume leader with 8.186 million shares and gained Re 0.22 to close at Rs 12.65. NBP increased by Re 0.36 to close at Rs 44.19 with 6.283 million shares. Fauji Fertiliser Bin Qasim inched up by Re 0.31 to close at Rs 52.80 with 5.982 million shares while Engro Corp declined by Re 0.96 to close at Rs 135.20 with 2.004 million shares. Azgard Nine lost Re 0.08 to close at Rs 5.25 with 5.897 million shares.
Arif Habib Corp gained Re 0.23 to close at Rs 27.07 with 4.254 million shares. DG Khan Cement increased by Re 0.40 to close at Rs 20.52 with 2.362 million shares. Pakgen Power inched up by Re 0.15 to close at Rs 14.25 with 2.322 million shares. PTCL lost Re 0.04 to close at Rs 11.35 with 2.103 million shares. Attock Refinery declined by Rs 1.79 to close at Rs 121.94 with 1.889 million shares.
Rafhan Maize and Indus Dyeing were highest gainers, increasing by Rs 89.12 and Rs 14.38 to close at Rs 2654.12 and Rs 337.82 respectively, while Nestle Pakistan and Bata (Pak) were worst losers, declining by Rs 61.63 and Rs 31.31 to close at Rs 3491.49 and Rs 620.46 respectively. Hasnain Asghar Ali at Aziz Fidahusein Co said that mixed and range-bound trading in initial hours was seen, amid off-loading in various high priced speculative stocks and in various front liners on active sector. Stocks swapping kept the nervousness quite prominent.
He said that led by Attock Group companies, ahead of corporate announcements over the weekend, the market witnessed off-loading, pushing the index deep in the red zone in latter half of the trading session. This was on the back of technical correction, corporate off-loading on strength, absence of follow-up support as depicted by reduction in turnover. As the index climbed the ladder, the day traders remained in search of short-term trading opportunities. However, short covering-led support did restrict the index from undergoing unprecedented decline.