Despite healthy foreign buying, the KSE-100 index on Wednesday lost 79.39 points to close at 13,244.95 points due to profit taking mainly by local investors during last hours. The foreign investors remained net buyers of shares worth dollars 3.18 million. After negative opening, local investors and institutional support supported the index to hit 13,388.61 points intra-day high level, 64.27 points.
However, the investors opted for profit taking in late hours and the index dropped into negative zone at 13,229.13 points intra-day low level. Trading activities however improved significantly as the volumes at ready counter increased to 318.609 million shares as compared to 250.514 million shares traded on Tuesday. Total market capitalisation reduced by Rs 14 billion to stand at Rs 3.44 trillion. Of the total 363 active scrips, 181 closed in positive and 114 in negative while the value of 68 stocks remained unchanged.
Fauji Cement was the volume leader with 31.173 million shares and gained Re 0.30 to close at Rs 5.02. Jahangir Siddiqui Co increased by Re 1.00 to close at Rs 11.96 with 27.056 million shares. Lotte Pakistan PTA inched up by Re 0.37 to close at Rs 9.36 with 24.989 million shares. Azgard Nine closed at Rs 7.28, up Re 0.60 with 20.670 million shares. Arif Habib Co gained Re 0.34 to close at Rs 31.55 with 20.503 million shares.
In the banking sector, Bank Al Falah lost Re 0.61 to close at Rs 15.37 with 17.259 million shares while BoP and NBP increased by Re 0.52 and Re 0.09 to close at Rs 8.62 and Rs 55.04 with 14.834 million shares and 13.168 million shares respectively. Fatima Fertiliser Co lost Re 0.19 to close at Rs 24.86 with 9.451 million shares. Lafarge Pakistan inched up by Re 0.04 to close at Rs 2.79 with 8.429 million shares.
Colgate Palmolive and Nestle Pakistan were the highest gainers increasing by Rs 42.58 and Rs 39.52 to close at Rs 894.32 and Rs 4209.37 respectively while National Refinery and Unilever Pak were the worst losers declining by Rs 6.35 and Rs 5.17 to close at Rs 265.15 and Rs 5650.00 respectively.
"Despite being below par from the regional and international equity markets the local bourse succumbed to the pressure in the regional and international commodity and equity markets", Hasnain Asghar Ali, a market expert said. The KSE-100 index, during early hours, under the lead by the Fauji group stocks from the fertiliser sector mainly on consistent dividend yields and an unabated growth track continued to accumulate gains.
He said the momentum got substantial support from the holding companies mainly on improved valuations of the strategic holdings and on technical vacuum, while NBP invited renewed buying interest in the post announcement session, gains on the index however disappeared in post midday session due to adjustment in Oil and Gas exploration, marketing and refinery stocks, those stayed under spell of technical correction mainly due to declining trend in international oil prices that pushed the index in for a ride in the red zone despite maximum support by Nestle contributing 24 points to the index.