Index loses 216.14 points

The KSE-100 index on Tuesday witnessed a heavy fall of 216.14 points and closed at the level of 11,829.24 points on panic selling due to investors fear for impact of Japanese disaster on global economy, analysts said. The market opened on strong negative note and the index hit 11,768.89 points intra-day low level, down 276.49 points.
Trading volumes at ready counter, however, increased to 135.072 million shares as compared to 77.050 million shares traded on Monday. The overall market capitalisation declined by Rs 67 billion to stand at Rs 3.170 trillion. Out of the total 355 active scrips, 201 closed in negative and only 70 in positive while the value of 84 stocks remained unchanged.
Descon Oxychem was the volume leader with 13.914 million shares and gained Re 0.23 to close at Rs 9.19. Lotte Pakistan PTA lost Re 0.15 to close at Rs 15.78 with 8.874 million shares. Nishat (Chunian) declined by Re 0.74 to close at Rs 28.29 with 8.416 million shares. Nimir Ind. Chemical inched up by Re 0.08 to close at Rs 3.09 with 8.197 million shares. Fauji Fertiliser Bin Qasim declined by Rs 1.29 to close at Rs 38.57 with 7.327 million shares. Lafarge Pakistan gained Re 0.24 to close at Rs 3.33 with 7.223 million shares. Arif Habib Corp lost Re 0.23 to close at Rs 23.80 with 5.599 million shares.
Nishat Chunian Power increased by Re 0.80 to close at Rs 15.35 with 5.475 million shares. NBP declined by Rs 1.21 to close at Rs 78.05 with 5.074 million shares. TRG Pakistan lost Re 0.03 to close at Rs 3.16 with 4.716 million shares.
Unilever Pakistan and Nestle Pakistan were the highest gainers increasing by Rs 73.56 and Rs 47.84 to close at Rs 4924.31 and Rs 3450.34 respectively while Unilever Foods and Bata Pak were the worst losers declining by Rs 20.99 and Rs 20.03 to close at Rs 1130.01 and Rs 529.69 respectively. Ahsan Mehanti at Arif Habib Investments said that bearish activity was witnessed in scrips across the board as global markets fall on investors fear for impact of the Japanese disaster on the global economy.
The foreign selling continued due to their concerns over the possible impact of Japanese disaster on the global economy while the local investors also preferred to offload their holding on concerns for rising fiscal deficit and uncertain local political situation. He said that fall in international crude oil price near to $98 was also one of other reasons that forced the investors for selling at the local bourse, despite availability of financing facility under newly introduced leveraged products.