The KSE-100 index on Thursday declined by 67.87 points to close at 13,719.16 points level amidst thin volume due to declining oil prices in the international market and prevailing uncertainty over foreign capital market performance.
Similarly, the free float market capitalisation-based KSE-30 index lost 82.44 points and settled at 16,324.99 points level. The market started on a positive note and the KSE-100 index hit 13,836.57 points intra-day high level. However, the selling pressure dropped the index into negative zone.
The index managed to enter in positive zone once again on the back of buying in some select stocks, but could not sustain that level due to profit-taking and again dropped in negative zone to hit 13,692.87 points intra-day low level.
Dull trading activity shows the lack of interest of the market participants as the ready market volume declined by 83.344 million shares to 185.823 million shares as compared to 269.167 million shares traded a day earlier. The futures market turnover has increased by 6.626 million shares to 58.774 million shares against 52.148 million shares on Wednesday.
The overall market capitalization declined by Rs 23 billion to Rs 4.211 trillion against Rs 4.234 trillion recorded on Wednesday. Trading took place in 354 scrips, out of which 203 closed in negative and 113 closed in positivem while the value of 38 scrips remained unchanged.
Arif Habib Sec was the overall volume leader with 23.887 million shares, however, the scrip declined by Rs 3.20 to close at Rs 175.30. NIB Bank closed at Rs 22.05 without any change with 15.540 million shares. BoP and Bankislami Pak lost paisa 45 and paisa 80 to close at Rs 93.10 and Rs 19.35 respectively.
Netsol Technologies performed well and surged by Rs 6.20 to close at Rs 133.50 with a total volume of 8.686 million shares. Azgard Nine closed at Rs 51.50 without any change.
Pervez Ahmed declined by Rs 1.15 to close at Rs 59.20. TRG Pakistan lost paisa 35 to lose at Rs 12.40. Bosicor Pakistan decreased by paisa 45 to close at Rs 20.70. The E&P giant, OGDC declined by paisa 50 to close at Rs 118.00.
Rafhan Maize and Adamjee Insurance were the highest gainers and gained Rs 115.00 and Rs 17.85 to close at Rs 2,520.00 and Rs 384.85 respectively, while Jahangir Siddiqui Co and Arif Habib Limited were the highest losers and lost Rs 21.20 and Rs 18.90 to close at Rs 1,175.00 and Rs 359.65 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that uncertainty over political and law and order situation of the country kept the market participants sidelined and they avoided taking fresh positions.
The declining oil prices to $87 per barrel in the international market invited selling to the relevant stocks. On the other hand, uncertainty over foreign capital market''s performance was another reason, which encouraged the market participants to offload their holdings on available margins.