The KSE-100 index on Wednesday lost 42.40 points to close at 7,952.70 points level due to profit taking mainly by locals after mid-session. The market started on a positive note and the index hit 8,084.83 points level, up 132.13 points. However, the momentum could not continue as the investors opted to offload their holdings on available margins.
Trading volume increased to 122.952 million shares as compared to 106.865 million shares traded a day earlier. Market capitalisation declined by Rs 11 billion to Rs 2.343 trillion. Of 383 active scrips, 194 closed in negative and 169 in positive while the value of 20 scrips remained unchanged.
DG Khan Cement was the volume leader with 23.103 million shares and gained Rs 1.36 to close at Rs 35.70. Lucky Cement increased by Rs 1.04 to close at Rs 73.11 with 8.923 million shares. PTCL closed at Rs 18.58, up Re. 0.61 with 10.135 million shares.
In the E&P sector, POL and OGDC declined by Rs 4.78 and Rs 2.07 to close at Rs 170.75 and Rs 92.17 with 8.653 million shares and 7.224 million shares respectively. Nishat Mills increased by Rs 2.03 to close at Rs 42.81 with 5.260 million shares.
In the banking sector, NBP and MCB lost Rs 1.74 and Rs 3.09 to close at Rs 64.31 and Rs 175.92 with 5.062 million shares and 2.962 million shares respectively. Arif Habib Sec declined by Re. 0.22 to close at Rs 30.11 with 3.300 million shares. Azgard Nine closed at the same level of Rs 25.39 without any change with 3.187 million shares.
Rafhan Maize and Fazal Textile were the highest gainers and gained Rs 71.50 and Rs 12.87 to close at Rs 1589.00 and Rs 363.87 respectively, while Wyeth Pak and Treet Corporation were the worst losers and lost Rs 66.30 and Rs 27.41 to close at Rs 1259.81 and Rs 533.59 respectively.
Hasnain Asghar Ali at Aziz Fidahusein said that low volume strength in the banking stocks did allow the benchmark a positive opening strength. However, they faced fresh float from the local front, thus keeping the resistance of 8090-8097 active. Benchmark did manage positive stance, mainly due to renewed buying interest in the highest beneficiary of the likely resolve of the circular debt issue. Gains in PSO allowed the positivism to prevail.
Midday stagnation, however, forced massive rate erosion. Immense selling in banking stocks, still in grip of NPL phobia, did push the benchmark in the negative territory. The cement export numbers, however, invited buying interest in the main board stocks of the sector.