Bearish trend continued at the share market on Wednesday and the KSE-100 index lost 61.66 points to close at 12,299.28 points. Trading remained low at ready counter at 72.275 million shares as compared to 94.357 million shares traded on Tuesday. Market capitalisation declined by Rs 16 billion to Rs 3.328 trillion.
Of 385 active scrips, 206 closed in negative and 156 in positive, while the values of 23 scrips remained unchanged. Nimir Ind Chemical was the volume leader with 7.190 million shares and gained Re 0.08 to close at Rs 2.78. Sui Southern Gas declined by Re 1.00 to close at Rs 26.20 with 6.941 million shares. BoP lost Re 0.14 to close at Rs 8.44 with 6.084 million shares. Lotte Pakistan PTA decreased by Re 0.24 to close at Rs 16.25 with 5.026 million shares. Azgard Nine closed at Rs 11.00, down Re 0.29 with 2.500 million shares. Southern Electric declined by Re 0.12 to close at Rs 2.00 with 2.419 million shares.
Fauji Fertiliser Bin Qasim lost Re 0.04 to close at Rs 41.46 with 2.294 million shares. Al-Meezan Mutual Fund gained Re 1.00 to close at Rs 10.80 with 2.109 million shares. Pace Pak inched up by Re 0.06 to close at Rs 3.13 with 2.005 million shares. Nishat Chunian Power lost Re 0.11 to close at Rs 16.43 with 1.990 million shares.
Rafhan Maize and Unilever Foods were the highest gainers increasing by Rs 123.18 and Rs 57.89 to close at Rs 2790.83 and Rs 1215.73 respectively, while Unilever Pak and Nestle Pakistan were the worst losers declining by Rs 33.94 and Rs 29.56 to close at Rs 4372.00 and Rs 3420.19 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that low volume sell-off, after initial positively, led to meltdown in the values of the main board stocks. Saturation point and prolonged stagnation have seemingly exhausted the market men, mainly those exposed in high priced stocks. Absence of buyers on intervals and gloomy horizon on almost all sensitive fronts left the market men with no option but to sell at available market levels, thereby forcing the index to melt at higher pace in post-midday trade.
He said that accumulation in dividend-yielding stocks along with textile exporting concerns. Coupled with short covering towards the end, along with low volume price influx in expensive stocks, did restrict the index down side, while despite substantial volume contribution by low priced and mid-tier stocks turnover stayed on lower side.