Investors on Karachi Stock Exchange on Wednesday opted for profit taking and the KSE-100 index lost 21.37 points to close at 12,263.25 points. Although the market saw positive trend during most part of the day, and the index hit 12,405.48 points intra-day high, the investors opted for profit taking during late hours and the index dropped into negative zone at 12,238.56 points intra-day low level.
Trading, however, improved significantly as the volume at ready counter increased to 13 -month high of 243.295 million shares as compared to 162.115 million shares traded on last trading session. Market capitalisation reduced by Rs 2 billion to Rs 3.194 trillion.
Of 346 active stocks, 155 closed in positive and 124 in negative, while the values of 67 stocks remained unchanged. Jahangir Siddiqui Co was volume leader with 33.883 million shares and gained Re 0.19 to close at Rs 8.18. Fauji Cement increased by Re 0.38 to close at Rs 4.51 with 25.366 million shares. Lafarge Pakistan inched up by Re 0.14 to close at Rs 2.32 with 23.753 million shares. DG Khan Cement lost Re 0.73 to close at Rs 24.64 with 8.946 million shares. Azgard Nine surged by Re 1.00 to close at Rs 5.35 with 20.502 million shares. Hub Power Co gained Re 0.65 to close at Rs 36.01 with 10.444 million shares.
In the fertiliser sector, Fauji Fertiliser Bin Qasim and Engro Corp surged by Rs 1.40 and Re 0.62 to close at Rs 47.82 and Rs 125.36 with 8.031 million shares and 5.796 million shares respectively, while Fatima Fertiliser Co lost Re 0.14 to close at Rs 22.34 with 6.348 million shares. Arif Habib Corp increased by Re 0.82 to close at Rs 29.12 with 6.416 million shares. Bata (Pak) and Nestle Pakistan were highest gainers by Rs 28.08 and Rs 18.38 to close at Rs 699.00 and Rs 3367.49 respectively, while Al Abbas Sugar and PSO were worst losers by Rs 4.55 and Rs 3.48 to close at Rs 86.45 and Rs 263.37 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that despite upbeat sentiment on volumetric activity, technical adjustment checked the gains, wherein the volume leaders from previous sessions, from front line and mid-tier category faced off-loading, while low price and penny stocks, besides making hefty contribution to the turnover (almost 50 percent) on turnaround stories and vague rumours, provided ample trading opportunities to the market men.
He said that deep discounts due to stock and sector swapping in various frontline stocks trading with topping of cash and stock dividends however managed to invite renewed yet cautious buying, mainly by the corporate participants and disallowed red numbers to set in, despite alarming bells echoing on economic and financial horizon. Day end off-loading, however, faced the index to close in red zone.