Index sheds 185 points

A serious deterioration in Pakistan-US relations and prevailing political situation in the country on Friday invited panic selling at the Karachi share market, market participants said. The KSE-100 index declined by 185.16 points and closed at five-week low level of 11,372.21 points. The market opened in deep red and the index dropped below 11,300 points level to 11,247.11 points intra-day low.
However ,late buying in some select stocks supported the index to reduce the intra-day losses. Trading volume at the ready counter remained low at 36.050 million shares as compared to 27.472 million shares traded on Thursday. Market capitalisation declined by Rs 46 billion to Rs 2.961 trillion. Of 320 active scrips, 156 closed in negative and 64 in positive, while the values of 100 stocks remained unchanged.
Fauji Fertiliser Bin Qasim was the volume leader with 3.282 million shares. However, it lost Rs 1.24 to close at Rs 52.95. Fauji Fertiliser and Fatima Fertiliser declined by Rs 5.53 and Re 0.20 to close at Rs 158.73 and Rs 22.80 with 2.385 million shares and 2.047 million shares respectively.
NBP and NIB Bank lost Rs 1.48 and Re 0.04 to close at Rs 40.37 and Rs 1.25 with 2.469 million shares and 1.102 million shares respectively. Jahangir Siddiqui Co decreased by Re 0.17 to close at Rs 5.44 with 2.341 million shares. PTCL gained Re 0.09 to close at Rs 10.53 with 2.038 million shares. Lotte Pakistan PTA lost Re 0.27 to close at Rs 9.38 with 1.582 million shares. OGDC declined by Rs 1.96 to close at Rs 152.38 with 1.305 million shares. Azgard Nine lost Re 0.02 to close at Rs 3.50 with 1.070 million shares.
Colgate Palmolive and Unilever Pak were highest gainers by Rs 23.29 and Rs 21.00 to close at Rs 603.29 and Rs 5495.80 respectively, while Nestle Pakistan and Attock Petroleum were worst losers by Rs 112.55 and Rs 9.42 to close at Rs 2577.17 and Rs 406.82 respectively.
Samar Iqbal at Topline Securities said that further strain on US and Pakistan relationship on account of Nato strikes dampened the investors' sentiment. Across the board panic selling pushed KSE-100 index closed to 5-week low level. Investors also remained sceptical about the law and order situation during the long weekend.