Investors on Thursday opted for profit taking ahead of long weekend and prevailing law and order situation and the benchmark KSE-100 index declined by 136.02 points to close at 15,452.64 points. After positive opening the index hit 15,630.2 points intra-day high level, just 46 points away from all time highest level of 15,676 points.
However, due to profit taking after mid session and in the absence of follow-up support the index dropped into deep red at 15,440.36 points intra-day low level. Trading activities improved as the volumes at ready counter increased to 159.264 million shares as compared to 131.865 million shares traded on Wednesday. Total market capitalisation declined by Rs 36 billion to Rs 3.912 trillion. Of the total 346 active stocks, 198 closed in negative and 130 in positive while the value of 18 stocks remained unchanged.
PTCL was the volume leader with 16.15 million shares however lost Re 0.85 to close at Rs 19.02 followed by KESC that declined by Re 1 to close at Rs 6.65 with 14.559 million shares. In the banking sector stocks, NIB Bank closed at Rs 2.63, down Re 0.01 with 13.618 million shares, while Invest Bank and IGI Invest Bank increased by Re 0.2 and Re 0.41 to close at Rs 1.05 and Rs 2.58 with 5.45 million shares and 4.725 million shares respectively.
Profit taking was also seen in the cement sector, as DG Khan Cement and Fauji Cement declined by Re 0.93 and Re 0.18 to close at Rs 48.05 and Rs 6.04 with 4.324 million shares and 3.978 million shares respectively. Jahangir Siddiqui Co lost Re 0.29 to close at Rs 13.77 with 4.235 million shares. Nishat Chunian Power closed at the previous day's closing level of Rs 15.90 without any change with 4.151 million shares. WorldCall Telecom lost decreased by Re 0.15 to close at Rs 3.00 with 3.701 million shares.
Nestle Pakistan and Siemens Pakistan were the top gainers increasing by Rs 50 and Rs 35.92 to close at Rs 4,150 and Rs 954.99 respectively, while Rafhan Maize and Pak Gum & Chemical were the top losers declining by Rs 54.44 and Rs 11.02 to close at Rs 4,397 and Rs 211.05 respectively. Hasnain Asghar Ali at Escorts Capital said correction sets-in as the local equities wraps the week on a negative note.
He said the cut short trading week, negativity in regional equity and commodity markets, kept the cautious stance alive, while low volumes in frontline stocks did force the trading and leverage float to come in for adjustment. The decline was dominated by E&P stocks, while the others followed the pursuit, roll-over of Rs 2.6 billion approximately next week along with increasing numbers in MTS financing, although encouraging, below potential trade depicted by volume and traded value kept the leverage traders in a cautious mood, despite a much conducive environment, now facilitating participation at the local equity markets, thus keeping the trading day in dull mode, for most part of the session, till the panic set-in towards the closing hour and the index slipped below 15,500 psychological technical levels were however honored, at close.
He said the law and order situation, economic and financial issue, geo-political and international territorial matters those have kept the local as well as international equity and currency markets in a high volatility zone, lack luster further aggravates the issues lingering for long mainly on the local horizon, thus can be related for the lull, with expected political volatility as an add-on the potential participants awaited discounts and reshuffling to make fresh bets, selective accumulation is therefore suggested till the outstanding issues start getting the required attention.
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