The local investors opted for profit taking in the second half on Friday that forced the benchmark KSE-100 index into deep red to close at 15,694.21 points with a net loss of 151.09 points. The foreign investors' interest however continued and they remained net buyers of shares worth 1.02 million dollars.
The market opened on strong positive note and the index hit all time highest intra-day high level of 15,981.30 points, up 136 points. However, the investors opted to book profit in late hours that forced the index into negative zone at 15,685.35 points intra-day low level.
Trading activities however improved as the volumes at ready counter increased to 113.123 million shares as compared to 106.902 million shares traded on Thursday. Total market capitalisation reduced by Rs 40 billion to stand at Rs 3.945 trillion. Of the total 327 active stocks, 192 closed in negative and 116 in positive while the value of 19 stocks remained unchanged.
PTCL was the volume leader with 15.633 million shares however lost Re 0.21 to close at Rs 19.77. Telecard decreased by Re 0.09 to close at Rs 3.07 with 5.211 million shares. Bank Al Falah declined by Re 0.41 to close at Rs 15.00 with 4.257 million shares. KESC gained Re 0.11 to close at Rs 5.74 with 3.924 million shares. DG Khan Cement inched up by Re 0.04 to close at Rs 50.39 with 3.800 million shares. Sui Southern Gas Company surged by Rs 1.06 to close at Rs 22.42 with 3.610 million shares.
Engro Foods lost Re 0.64 to close at Rs 70.75 with 3.361 million shares. Fauji Fertiliser Bin Qasim and Engro Corporation declined by Re 0.22 and Rs 3.29 to close at Rs 38.22 and Rs 98.76 with 3.350 million shares and 2.862 million shares respectively. Attock Refinery decreased by Re 0.35 to close at Rs 143.65 with 2.324 million shares.
Colgate Palmolive and Shezan International were the top gainers increasing by Rs 67.72 and Rs 19.50 to close at Rs 1422.22 and Rs 409.50 respectively while Unilever Pak and Nestle Pakistan were the top losers declining by Rs 213.33 and Rs 185.71 to close at Rs 9536.67 and Rs 5274.29 respectively.
Hasnain Asghar Ali at Escorts Capital said that hunky-dory picture on benchmark KSE-100 that made yet another historic high on low volume spur in expensive stock, clearly failed to reflect the true picture, wherein low volume price erosion due to prolonged stagnation forced massive and across the board sell-off, from both institutional and retail circuits wherein E&P stocks led the decline, reflected on KSE-30 that lost more then 150 points during the session, immense pressure finally forced the KSE-100 to bow to the sentiments and the benchmark did reflect the triple digit loss. He said APCMA update expressing concern over stagnant sales local sales and decline in export of cements along with concerns of IMF regarding deficit numbers, added to the misery of the stakeholders, however price adjustment in cement and banking stocks along with singled out fertiliser stocks did invite aggressive and volumetric buying on dips thus mitigating the bearish color.
He said volumetric consolidation that may offer short-term trading opportunities, however incase volumes fail to pick even the stocks offering values should be looked for placements on deeper discounts, frontline stocks can be looked for placements on dips, while stocks threatened by the financial and supply short fall issues likely to aggravate further can be looked for off-loading/ swapping. Introduction of free float 100 index likely to be launched on next trading day is likely to boost confidence amongst the local stakeholders, thus may lead to rise in number of participants from the local arena.
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