Index loses 50.01 points

The KSE-100 index on Thursday lost 50.01 points and closed at 12,213.24 level due to profit-taking mainly by local investors. The market witnessed a mixed trend throughout the session with the index oscillating between a 12,316.41 points intra-day high and a 12,180.36 points intra-day low level.
Trading activities also reduced as the volumes at ready counter declined to 139.144 million shares as compared to 243.295 million shares traded on Wednesday. Total market capitalisation declined by Rs 12 billion to stand at Rs 3.182 trillion. Of the total 350 active scrips, 149 closed in negative and 108 in positive while the value of 93 scrips remained unchanged.
Azgard Nine was the volume leader with 20.887 million shares and gained Re 0.20 to close at Rs 5.55. Fauji Cement inched up by Re 0.12 to close at Rs 4.63 with 20.313 million shares. Lafarge Pakistan lost Re 0.06 to close at Rs 2.26 with 8.085 million shares. DG Khan Cement increased by Re 0.25 to close at Rs 24.89 with 6.149 million shares. Lucky Cement surged by Rs 2.29 to close at Rs 91.92 with 3.854 million shares.
Jahangir Siddiqui Co lost Re 0.38 to close at Rs 7.8 with 18.667 million shares. WorldCall Telecom inched up by Re 0.11 to close at Rs 1.45 with 4.04 million shares. JS Bank decreased by Re 0.38 to close at Rs 3.47 with 3.769 million shares. Pace (Pak) Limited gained Re 0.05 to close at Rs 1.65 with 3.236 million shares. Fatima Fertilizer Co lost Re 0.21 to close at Rs 22.13 with 3.166 million shares.
Service Industries and Pak Int. were the highest gainers increasing by rupees six and Rs 4.74 to close at Rs 202 and Rs 99.55 respectively while Nestle Pakistan and PSO were the worst losers declining by Rs 79.73 and Rs 10.58 to close at Rs 3287.76 and Rs 252.79 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that thin volumes and range bound activity in the frontline and various mid tier stocks kept the pressure intact, leading the decline wherein, impact of circular debt was quite prominent was PSO, that failed to come up with expected cash payout, did face massive sell-off, while second in line was Engro, mainly on economic and financial concerns, kept the index in red zone.
He said that specific group stocks, along with various other low priced and penny stocks led the turnover by contributing almost 60 percent to the total turnover, wherein hand shift on decline, that was reasoned as a technical breather kept the short-term traders active, negativity however kept the jobbers jittery as they stay quite vigilant in taking stop losses, high volatility therefore kept the volumetric activity on higher side, absence of news supporting the gains attained in short span will continue to keep activity in the mentioned category, vulnerable, thereby keeping cautious stance alive.