The law and order situation in Islamabad created panic selling at the local bourse and investors opted for offloading their holdings on Tuesday. The market started on positive note and the KSE-100 index hit 13,994.16 points intra-day high, however, across the board panic selling pushed the index down at 13,772.08 points intra-day low level.
Finally, the KSE-100 index closed at 13,809.85 points level with a net loss of 119.85 points, while the KSE-30 index closed at 16,980.77 points level down by 129.34 points. The ready market volume slightly increased to 411.960 million shares as compared to 410.121 million shares traded a day earlier.
The future market turnover stood at 62.545 million shares against 61.518 million shares previously. The overall market capitalisation declined by Rs 37 billion to Rs 4.029 trillion. Trading took place in 397 scrips out of which 239 scrips closed in negative zone and 129 scrips closed in positive zone while the value of 29 scrips remained unchanged.
TRG was the star performer with 53.207 million shares and the scrip surged by Rs 0.30 to close at Rs 17.70 followed by Bosicor Pakistan, which gained Rs 0.95 with a total volume of 23.118 million shares. Arif Habib Sec performed well as the scrip surged by Rs 5.05 to close at Rs 121.50. Nimir Ind Chem gained Rs 0.10 to close at Rs 5.60. Nishat Mills also remained active and gained Rs 2.80 to close at Rs 132.00. Hub Power increased by Rs 0.20 to close at Rs 37.00.
Profit taking was witnessed in cement sector as Lucky Cement and DG Khan Cement lost Rs 0.50 and Rs 0.50 to close at Rs 138.00 and Rs 116.60 respectively. Pakistan PTA Limited closed at Rs 0.35 to close at Rs 6.15. Bank Al Falah lost Rs 1.95 to close at Rs 59.90. Unilever and Sanofi-Aventis were the highest gainers, which gained Rs 17.00 and Rs 16.50 to close at Rs 2251.00 and Rs 347.25 respectively, while Siemens and Wyeth Pak were the highest losers, losing Rs 59.00 and Rs 24.10 to close at Rs 1650.00 and Rs 2134.90 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that the market started positive, however, law and order situation in Islamabad created uncertainty among the investors and they opted for offloading their holdings. Across the board, profit taking was witnessed. OGDC and PPL witnessed profit taking from the start of the market due to delay in announcement of petroleum policy.
Hasnain Asghar Ali at Aziz Fidahusein Securities said that the air pocket opening failed to breach the psychological 14,000 as the index faced tough resistance around previously mentioned resistance level of 13,990-13,996, the high of 13,996 (67 points plus) was, however, attained.
An across the board profit taking during the first half of the day did invite support as the accumulation in the promising stocks allowed the index to maintain positive stance.
Blocked trading limit due to unsettled positions (mainly because of bank holiday on Monday, as unsettled June future and positions in July future, adding to the misery, was capped CFS) triggered high intensity selling in almost all the stocks, some inviting buyers, however, sustained minor injuries, the remaining were forced to trim excess fat, adding to the onslaught was the operation being conducted in Islamabad.
The pressure, therefore mounted, as the sellers finally decided not to count on future earnings and the index registered an intra-day adjustment of 1.61 percent. Day end, however, witnessed short covering and value buying thus allowing the index to consolidate and close above 13,800. Technically, index will continue to find support around 13,570-13,577, while index faces immediate resistance around 13,925-13932 before it can charge the level of 13,990-13,96.
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