Index loses 51.28 points

The KSE-100 index on Friday lost 51.28 points to close at 12,390.12 points with extremely low volume due to prevailing law and order situation in the city. After negative opening, the index hit 12,329.34 points intra-day low level, down 112.06 points. However, some support in low priced stocks in late hours supported the index to minimise the losses.
The prevailing law and order situation in the city forced the investors to stay on the sidelines and the daily volume declined to ten months'' low level of 29.526 million shares as compared to 65.095 million shares traded on Thursday. Market capitalisation reduced by Rs 12 billion to Rs 3.262 trillion.
Of 347 active scrips, 105 closed in positive and 83 in negative, while the values of 159 stocks remained unchanged. Jahangir Siddiqui Co was the volume leader with 4.995 million shares and gained Re 0.18 to close at Rs 7.53. BoP inched up by Re 0.11 to close at Rs 6.77 with 4.228 million shares. NBP lost Re 0.07 to close at Rs 53.55 with 3.263 million shares.
Lotte Pakistan PTA inched up by Re 0.02 to close at Rs 13.30 with 2.301 million shares. Nimir Ind Chemicals gained Re 0.19 to close at Rs 3.14 with 1.675 million shares. Kohinoor Mills closed at the same level of Rs 1.25 with 1.500 million shares. Azgard Nine lost Re 0.02 to close at Rs 5.99 with 1.396 million shares.
Engro Corp declined by Re 0.06 to close at Rs 160.40 with 1.307 million shares. Fauji Fertiliser Bin Qasim gained Re 0.27 to close at Rs 43.90 with 0.750 million shares. Meezan Bank increased by Re 0.42 to close at Rs 17.87 with 0.585 million shares.
Sitara Chemical Ind and Mari Gas Co were the highest gainers, increasing by Rs 2.06 and Rs 1.91 to close at Rs 101.56 and Rs 106.69 respectively, while Nestle Pakistan and Unilever Pak were the worst losers, declining by Rs 230.08 and Rs 24.83 to close at Rs 4371.64 and Rs 5275.17 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that deserted look and colour of red stayed a prominent and common feature of both the city and the stock exchange. Deteriorating law and order situation in the city dominated the proceedings at the equity market, already under pressure and highly fragile due to curtailed local strength and low turnover. Although more than 50 percent of the losses were contributed by illiquid Nestle, various front line stocks faced renewed sell-off, adding to the intra-day losses amid extremely low volumes. However, syndicate offer with minimal volume the triple digit decline was arrested, in order to restrict free-fall.
He said that support by government treasuries and resident participants did allow day traders short-term trading opportunity during hand shift in various main board stocks, struggling to sustain the prevailing levels. Dips in the stocks, likely to continue the momentum of growth in earnings and payouts, kept the equity-specific funds in search of bargain hunting, as the participants awaited an opportunity of panic sale in the stocks, for both trading and placement.