Index down 28.02 points

The Karachi share market on Tuesday opened on a positive note and the KSE-100 index hit 20-month high of 10,554.02 points, up 106.18 points, on the back of continuing interest of foreign investors. However, after mid-session the investors opted profit taking and the index dropped into negative zone, closing at 10,419.82 points, with a loss of 28.02 points.
Trading volume at ready counter, however, increased to 244.706 million shares as compared to 222.521 million shares traded on Monday. Market capitalisation declined by Rs 8 billion to stand at Rs 2.948 trillion. Trading took place in 421 scrips, out of which 215 closed in negative and 184 in positive, while the value of 22 scrips remained unchanged.
Lotte Pakistan was the volume leader with 62.934 million shares and gained Re 0.65 to close at Rs 12.77. Azgard Nine lost Re 0.44 to close at Rs 12.44 with 18.029 million shares. NBP surged by Rs 1.22 to close at Rs 72.16 with 17.385 million shares, while Bank Al Falah declined by Re 0.02 to close at Rs 11.91 with 3.708 million shares.
Fauji Fertiliser Bin Qasim increased by Re 0.52 to close at Rs 32.60 with 16.329 million shares. PTCL lost Re 0.23 to close at Rs 21.12 with 13.436 million shares. TRG Pakistan declined by Re 0.12 to close at Rs 4.10 with 9.495 million shares.
Byco Petroleum gained Re 0.66 to close at Rs 12.42 with 8.732 million shares. Jahangir Siddiqui Co lost Re 0.48 to close at Rs 20.75 with 6.122 million shares. Arif Habib Sec declined by Rs 1.15 to close at Rs 45.24 with 4.600 million shares.
Colgate Palmolive and Fazal Textile were the highest gainers and increased by Rs 19.47 and Rs 17.34 to close at Rs 477.27 and Rs 378.98 respectively, while Unilever Pakistan and Nestle Pak were the worst losers and declined by Rs 91.92 and Rs 40.02 to close at Rs 3608.51 and Rs 1300.00 respectively. Ahsan Mehanti at Shehzad Chamdia Securities said that institutional profit taking was witnessed in overbought market and the index closed in negative zone despite healthy opening.
He said that the absence of a leverage product at the share market restricted the local investors taking fresh positions. The high leverage cost played a catalyst role in negative activity despite positive sentiment in the banking sector on high banking spreads ahead of March quarter results announcements, he added.