The investors on Monday opted for profit taking on available margins and the KSE-100 index lost 105.57 points to close at 11,180.64 points. After opening under pressure, the index hit 11,139.74 points intra-day low, and remained in the red throughout the session. Trading remained low and the volume at ready counter amounted to 45.283 million shares as compared to 72.657 million shares traded on last Friday.
Market capitalisation declined by Rs 29 billion to Rs 2.963 trillion. Of 319 active scrips, 146 closed in negative and 85 in positive, while the values of 88 stocks remained unchanged. Lotte Pakistan PTA was the volume leader with 9.491 million shares and gained Re 0.35 to close at Rs 13.00. NBP declined by Rs 1.44 to close at Rs 42.75 with 5.143 million shares.
Engro Corp, Fatima Fertiliser Co, Fauji Fertilizer Bin Qasim and Fauji Fertilizer Co lost Rs 4.85, Re 0.20, Re 0.76 and Rs 3.37 to close at Rs 130.35, Rs 16.82, Rs 49.79 and Rs 152.74 with 2.845 million shares, 1.751 million shares, 1.717 million shares and 1.086 million shares respectively. Arif Habib Corp decreased by Re 0.50 to close at Rs 26.57 with 1.957 million shares.
POL declined by Rs 4.36 to close at Rs 361.32 to close at Rs 1.789 million shares. Dewan Salman gained Re 0.16 to close at Rs 2.13 with 1.591 million shares. Picic Growth Fund inched up by Re 0.21 to close at Rs 14.46 with 0.902 million shares.
Rafhan Maize and Bata (Pak) were highest gainers increasing by Rs 105.88 and Rs 29.54 to close at Rs 2760.00 and Rs 650.00 respectively, while Unilever Pak and Nestle Pakistan were worst losers declining by Rs 82.22 and Rs 38.53 to close at Rs 5265.80 and Rs 3452.96 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that declining international and regional markets, absence of follow-up support and persistent squeeze in turnover with increased values on the index, which stayed prominent in previous week''s trading, pushed the index into the red zone.
He said that the trend was duly followed by almost all frontline stocks, including banks, cements and fertiliser, as repercussions of heavy downpour-led flooding would impact almost all sectors of economy, resulting in ugly economic numbers. Since major sectors were already under threat due to gas curtailment, high interest rate environment, high and expensive debt portfolio, increasing input cost, declining local and export sales and ballooning left handful stocks available for placements on steep decline.