Index loses 38.35 points

The KSE-100 index on Monday lost 38.35 points and closed at 11,916.02 points with extremely low volume. The market opened under pressure due to selling from both local and foreign fronts and the index dropped at 11,898.16 points intra-day low level.
The market later witnessed some support which pushed the index to 11,981.16 points intra-day high level. However, the momentum could not continue due absence of follow-up support and the index again dropped into negative. Trading remained low and the volume at ready counter declined to 45.485 million shares as compared to 66.957 million shares traded on last trading session.
Market capitalisation declined by Rs 10 billion to Rs 3.169 trillion. Of 364 active scrips, 163 closed in negative and 113 in positive, while the values of 88 stocks remained unchanged. Lotte Pakistan PTA was the volume leader with 5.762 million shares and closed at Rs 15.68, slightly up by Re 0.01. Fauji Fertiliser Bin Qasim lost Re 0.33 to close at Rs 41.46 with 3.084 million shares.
Jahangir Siddiqui Co gained Re 0.32 to close at Rs 7.10 with 2.473 million shares. Azgard Nine lost Re 0.12 to close at Rs 6.53 with 2.140 million shares. DG Khan Cement declined by Re 0.83 to close at Rs 24.01 with 1.961 million shares. NIB Bank and Bank Al Falah lost Re 0.15 and Re 0.36 to close at Rs 1.81 and Rs 10.47 with 1.568 million shares and 1.556 million shares respectively.
OGDC gained Re 0.57 to close at Rs 139.26 with 1.347 million shares. DG Khan (R) declined by Re 0.69 to close at Rs 4.08 with 1.300 million shares. Nishat Power gained Re 0.10 to close at Rs 16.58 with 0.995 million shares. Rafhan Maize and Siemens Pak were the highest gainers increasing by Rs 93.48 and Rs 35.73 to close at Rs 2783.10 and Rs 1110.73 respectively, while Nestle Pakistan and Unilever Pak were the worst losers declining by Rs 77.71 and Rs 30.59 to close at Rs 3506.14 and Rs 5057.19 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that extended selling in the high prices stocks had a louder impact on the stock market due to futures roll-over and low volume, pushing the index into deep red during initial trading hours. He said that budget leaks suggesting introduction of new taxes and increase in existing ones brought the entire economic engine to a standstill as majority of participants awaited budget and the same was reflective at the bourse.