The share market on the first day of implementation of 'Client Level Netting' in Deliverable Future Contracts witnessed dull trading with low volumes. However, the KSE-100 index managed to close above the 12,000 points level.
The market opened on a positive note and the KSE-100 hit the 12,124.10 points intra-day high. But selling pressure pushed the KSE-100 index in the negative zone and it touched 11,983.41 points intra-day low before closing at 12,016.18 points, losing 75.35 points. The junior KSE-30 index also lost 140.51 points, to close at 14,853.03 points level.
Analysts said that main reason for market fall was that investment under CFS had reached near its highest level of Rs 55 billion and the regulator was not prepared to enhance CFS cap to Rs 80 billion. Besides, it is rollover week and the investors opted profit taking on available margins, instead of taking fresh positions.
Trading was dull and the ready market volume declined to 170.838 million shares against 277.191 million shares, and the futures market turnover decreased to 55.551 million shares against 58.776 million shares traded on Friday.
Market capitalisation declined by Rs 13 billion to Rs 3.48 trillion. Trading took place in 361 scrips out of which 166 scrips closed in negative column and 164 scrips closed in negative column while the value of 31 scrips remained unchanged.
Lucky Cement was the volume leader with 19.658 million shares. However, the scrip closed at Rs 99.20, down by Rs 2.00. DG Khan Cement and Fauji Cement also faced selling pressure and lost Rs 4.90 and Rs 0.70 to close at Rs 95.00 and Rs 18.10 respectively.
In banking sector, Bank Al Falah surged by Rs 1.20 to close at Rs 55.20. However, Askari Bank, BoP and NBP lost Rs 0.35, Rs 2.85 and Rs 2.85 to close at Rs 90.90, Rs 100.00 and Rs 243.90 respectively. Adamjee Insurance performed well and surged by Rs 8.90 to close at Rs 218.25, while Nishat Mills gained Rs 2.80 to close at Rs 104.30.
OGDC and PPL lost Rs 1.40 and Rs 0.55 to close at Rs 120.35 and Rs 263.50 respectively, while POL gained Rs 1.25 to close at Rs 337.75. Millat Tractors and Pak. Suzuki were the top gainers with Rs 13.90 and Rs 8.95 to close at Rs 313.90 and Rs 399.95 respectively, while Siemens Engineering and Colgate Palmolive were top losers which lost Rs 25.00 and Rs 21.45 to close at Rs 1025.00 and Rs 46.50 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that trading activity was dull because of the implementation of CLN in Deliverable Futures Contracts. The SCEP decision not to enhance CFS cap from existing Rs 55 was another reason of dull activity as the investors were not ready to take fresh positions.