Index loses 92.15 points

A bearish trend continued on the Karachi share market on Thursday and the KSE-100 index lost another 92.15 points to close at 12,441.40 points. Trading activities also remained low as the volumes at ready counter declined to 65.095 million shares as compared to 68.500 million shares traded on Wednesday.
Total market capitalisation declined by Rs 23 billion to stand at Rs 3.274 trillion. Out of the total 335 active scrips, 136 closed in negative and 96 in positive, while the value of 103 stocks remained unchanged. Jahangir Siddiqui Co was the volume leader with 14.407 million shares and gained Re 0.32 to close at Rs 7.35. Fauji Fertiliser Bin Qasim increased by Re 0.45 to close at Rs 43.63 with 6.404 million shares. Azgard Nine inched up by Re 0.09 to close at Rs 6.01 with 5.148 million shares.
Lotte Pakistan PTA lost Re 0.30 to close at Rs 13.28 with 4.708 million shares. Engro Corp declined by Rs 1.56 to close at Rs 160.46 with 2.597 million shares. Pace (Pak) Limited decreased by Re 0.11 to close at Rs 2.16 with 1.972 million shares. DG Khan Cement closed at Rs 23.75, down Re 0.26 with 1.867 million shares. POL surged by Rs 1.95 to close at Rs 373.73 with 1.839 million shares. Bank Al Falah gained Re 0.15 to close at Rs 10.15 with 1.703 million shares while NBP lost Re 0.56 to close at Rs 53.62 with 1.510 million shares.
Rafhan Maize and Millat Tractors were the highest gainers increasing by Rs 27.09 and Rs 14.60 to close at Rs 2691.63 and Rs 615.98 respectively while Nestle Pakistan and Bata Pak were the worst losers declining by Rs 242.19 and Rs 9.26 to close at Rs 4601.72 and Rs 648.16 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that selling on strength and absence of follow-up disallowed the early gains to sustain, thereby forcing massive price erosion in post midday trade, led by high priced stocks and duly followed by various mid-tier stocks, intraday dips in the stocks likely to continue the growing earnings and dividend stream did invite accumulation, with options limited the accumulation stayed confined to handful stocks, due to fragile situation on various fronts.
He said prolonged stagnation, and negative news flows on political and law and order front might force the local equities to undergo further adjustment, therefore recommendations to stay poised towards dividend yielding stocks, likely to stay away from various threats on dips, while high priced stocks should be avoided, despite propagations linked to upcoming corporate crop.