KSE index loses 46.34 points

The Karachi share market on Thursday opened in deep red and the KSE-100 index hit 11,107.30 points intra-day low level, down 203.99 points. However, late buying in select scrips both by local and foreign investors supported the index to minimise its intra-day losses and the index finally closed at 11,264.95 points, with a loss of 46.34 points.
Trading activity also remained low as the volumes at ready counter declined to 58.450 million shares as compared to 67.652 million shares traded on Wednesday. The market capitalisation declined by Rs 11 billion to stand at Rs 3.001 trillion. Out of the total 291 active scrips, 114 closed in positive, 78 in negative while the value of 99 stocks remained unchanged.
Fauji Fertiliser Bin Qasim was the volume leader with 4.605 million shares gaining Re 0.61 to close at Rs 46.91. Engro Corp surged by Rs 6.20 to close at Rs 135.77 with 2.616 million shares. In the banking sector, Soneri Bank closed at previous day''s closing level of Rs 4.00 with 4.484 million shares while NBP lost Re 0.42 to close at Rs 45.11 with 3.624 million shares. Lotte Pakistan PTA inched up by Re 0.04 to close at Rs 10.77 with 4.171 million shares.
Lucky Cement increased by Re 0.51 to close at Rs 72.45 with 2.526 million shares. Nishat Mills surged by Rs 1.18 to close at Rs 41.26 with 2.526 million shares. Jahangir Siddiqui Co inched up by Re 0.07 to close at Rs 6.03 with 2.124 million shares.
Investors'' interest was also seen in the E&P sector as POL surged by Rs 4.21 to close at Rs 343.27 with 1.992 million shares. Azgard Nine lost Re 0.05 to close at Rs 4.85 with 1.903 million shares. Millat Tractors and Attock Petroleum were the highest gainers increasing by Rs 27.20 and Rs 16.67 to close at Rs 571.39 and 353.83 respectively while Unilever Pak and Wyeth Pak were the worst losers declining by Rs 119.44 and Rs 49.00 to close at Rs 5887.98 and Rs 931.00 respectively.
Ahsan Mehanti at Arif Habib Investments said that the sentiment remained bearish at KSE after slump on Walls Street and global stocks uncertainty continued on euro zone debt crises and US economic slowdown. He said the recovery in international oil prices, institutional interest in blue chip scrips in oil, banking and fertiliser sectors on strong valuations supported the market ahead of major earning announcements this week despite concerns for foreign outflow from Pakistan bourses.