Index loses 122.24 points

Negative trend continued at the local share market on Friday and the KSE-100 index declined by 122.24 points to close at 9,871.16 points level. "Panic selling continued at the Karachi share market as local investors sought exit ahead of budget", analysts said. Foreign investors'' interest also shrank due to negative trend in global market and declining oil prices, they added.
The market opened on a negative note and the index hit 9,819.17 points intra-day low, down 174.23 points. Trading volumes increased slightly but remained on the lower side at 74.734 million shares as compared to 66.313 million shares traded on Thursday.
Market capitalisation declined by Rs 33 billion to Rs 2.783 trillion. Of 388 active scrips, 226 closed in negative and 138 in positive, while the value of 24 scrips remained unchanged. Lotte Pakistan was the volume leader with 13.550 million shares. However, it lost Re 0.03 to close at Rs 9.70. Arif Habib gained Re 0.93 to close at Rs 40.45 with 4.744 million shares.
Jahangir Siddiqui Co declined by Re 0.10 to close at Rs 14.94 with 3.448 million shares. Nishat Mills decreased by Rs 2.36 to close at Rs 48.12 with 3.419 million shares. NIB Bank closed unchanged at Rs 3.60 with 3.205 million shares. UBL declined by Rs 2.24 to Rs 52.48 with 2.093 million shares. DG Khan Cement lost Re 0.18 to close at Rs 23.94 with 2.594 million shares.
Fauji Fertiliser Bin Qasim decreased by Re 0.73 to close at Rs 27.50 with 2.474 million shares. PTCL lost Re 0.32 to close at Rs 21.21 with 2.307 million shares. WorldCall Telecom gained Re 0.04 to close at Rs 3.59 with 1.712 million shares.
Unilever Pakistan and Siemens Pakistan were the highest gainers and increased by Rs 66.28 and Rs 49.06 to close at Rs 3899.08 and Rs 1129.06 respectively, while Rafhan Maize and Unilever Food were the worst losers and declined by Rs 51.81 and Rs 40.00 to close at Rs 1398.18 and Rs 880.00 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that intense selling continued at the share market as Asian markets dropped over European debt crisis. He said that fall in international oil prices near to $67, global capital markets fall, uncertainty over next monetary policy stance and foreign selling played a catalyst role in negative activity at KSE despite intra day support by state run mutual funds.
Hasnain Asghar Ali at Aziz Fidahusein Co said that loud sell-off continued, right from the word go, thus shattering away even the prospective buyers who have been eyeing index level for making an entry, thus forcing low volume price erosion.
He said that the expensive stocks were the main victims of selling, initiated by the high net worth and corporate participants, as they most probably were seeking and exit ahead of budget, while some might be addressing the redemption calls.