The KSE-100 index on Thursday lost 92.78 points to close at 11,966.29 points due to profit-taking after mid session. The market opened on a positive note and the index hit 12,115.65 points intra-day high level, up 56.58 points. However, the market witnessed selling after mid session mainly in oil sector on reports of government ban on OMCs for POL exports to Afghanistan and American Defence Energy Supply Company.
The selling was seen both from local and foreign fronts and the index dropped into negative at 11,944.25 points intra-day low level. Trading activity also remained low as the volumes at ready counter declined to 91.682 million shares as compared to 117.813 million shares traded on Wednesday.
Total market capitalisation declined by Rs 25 billion to stand at Rs 3.144 trillion. Out of the total 367 active scrips, 153 closed in negative, 104 in positive while the value of 110 stocks remained unchanged. Fatima Fertiliser Co was the volume leader with 11.747 million shares gaining Re 0.99 to close at Rs 21.99.
In the other fertiliser sector stocks, Fauji Fertiliser Bin Qasim and Fauji Fertiliser Co (FFC) increased by Re 0.08 and Rs 2.87 to close at Rs 62.22 and Rs 186.97 with 6.253 million shares and 3.352 million shares, respectively while Engro Corporation declined by Rs 2.84 to close at Rs 142.51 with 4.830 million shares. PTCL lost Re 0.26 to close at Rs 12.34 with 9.025 million shares. Lotte Pakistan PTA decreased by Re 0.35 to close at Rs 12.54 with 8.903 million shares.
Arif Habib Corp surged by Rs 1.46 to close at Rs 30.85 with 4.505 million shares. NBP declined by Rs 2.44 to close at Rs 46.43 with 3.913 million shares. Engro Polymer inched up by Re 0.07 to close at Rs 8.73 with 3.681 million shares. DG Khan Cement lost Re 0.53 to close at Rs 22.03 with 3.669 million shares.
Unilever Pak and Bata (Pak) were the top gainers with Rs 78.33 and Rs 26.31 to close at Rs 5648.13 and Rs 726.42, respectively while Nestle Pakistan and PSO were the worst losers with Rs 170.76 and Rs 9.11 to close at Rs 3317.13 and Rs 253.57, respectively.
Ahsan Mehanti at Arif Habib Investments said the bearish activity was witnessed in the earnings announcement session at KSE after rumours of government ban on OMCs for POL exports to Afghanistan and American Defence Energy Supply Company and data indicating fall in banking spreads. He said the concerns for foreign outflow from Karachi bourse and fall in international oil prices affected the market sentiment despite rising local cement and fertiliser prices, expectations for record earnings announcements this quarter in commodity stocks and falling bond yields.