The KSE-100 index on Thursday lost 19.83 points and closed at the level of 13,273.29 points due to selling by both local and foreign investors. The market opened on positive note and the index hit 13,325.30 points intra-day high level. However, this momentum could not continue as the local and foreign investors opted for profit taking and the index dropped into negative zone at 13,206.72 points intra-day low level.
Trading activities also remained low as the volumes at ready counter declined to 225.976 million shares as compared to 266.068 million shares traded on Wednesday. Total market capitalisation reduced by eight billion rupees to stand at Rs 3.402 trillion. Of the total 370 active stocks, 144 closed in positive and 140 in negative while the value of 86 scrips remained unchanged.
Jahangir Siddiqui Co was the volume leader with 23.485 million shares and gained Re 1.00 to close at Rs 19.58. Azgard Nine increased by Re 0.99 to close at Rs 7.87 with 22.225 million shares. In the banking sector, BoP inched up by Re 0.91 to close at Rs 9.47 with 21.942 million shares while JS Bank lost Re 0.13 to close at Rs 6.81 with 12.316 million shares. Engro Polymer gained Re 0.85 to close at Rs 11.98 with 11.164 million shares.
DG Khan Cement increased by Re 0.36 to close at Rs 32.35 with 9.902 million shares. JS Investments gained Re 1.00 to close at Rs 11.39 with 7.393 million shares. Lafarge Pakistan lost Re 0.10 to close at Rs 3.74 with 6.582 million shares. Pervez Ahmed inched up by Re 0.28 to close at Rs 3.53 with 6.368 million shares. KESC closed at Rs 3.49, up Re 0.43 with 6.254 million shares.
Wyeth Pak and Service Ind were the highest gainers increasing by Rs 26.80 and Rs 9.14 to close at Rs 745.00 and Rs 192.11 respectively while Indus Dyeing and Fazal Textile were the worst losers declining by Rs 13.63 and Rs 12.00 to close at Rs 393.42 and Rs 238.00 respectively.
Hasnain Asghar Ali, head of equity sales at Invisor Securities said that sluggish activity amid declining turnover kept the benchmark in red zone. Although last session of four day trading week and extended week-end can be attributed to lack-luster activity tilted towards red zone, prolonged waiting period for the trigger regarding infrastructural changes has seemingly forced the active participants on the back foot that continues to magnify the vacuum, between buyers and sellers, intra-day adjustment, due to queued up sellers and prolonged stagnation, in various main board stocks maintaining growth consistency payouts and earnings however continued to invite cautious and selective accumulation. The absence of follow-up failed to inspire the benchmark, day end short covering and minimal support did allow the KSE 100 to restrict losses on closing KSE-30 however closed 43 points down.
He said that the roll-over period next week, declining turnover depicting low interest of buyers on strength suggests deeper discounts, thus will offer various opportunities those can be capitalised for placements both for trading and investment portfolios, in selective stocks.