The KSE-100 index on Monday lost 43.02 points to close at 11,894.79 points due to selling mainly by local investors after mid-session. The market opened on a positive note and the index hit 12,002.76 points intra-day high. However, the investors opted for selling after mid-session. That forced the index into negative zone.
Trading was extremely low and the volume at ready counter was 31.097 million shares as compared to 38.838 million shares of last Friday. Market capitalisation declined by Rs 11 billion to Rs 3.093 trillion. Of 327 active scrips, 141 closed in negative and 68 in positive, while the values of 118 stocks remained unchanged.
Bank Al Falah was the volume leader with 5.499 million shares. However, it lost Re 0.03 to close at Rs 12.04. Wateen Telecom inched up by Re 0.03 to close at Rs 1.88 with 2.098 million shares. NBP increased by Re 0.34 to close at Rs 44.52 with 1.981 million shares. Nishat Mills declined by Re 0.81 to close at Rs 43.36 with 1.963 million shares.
Fatima Fertiliser lost Re 0.04 to close at Rs 23.01 with 1.582 million shares. Fauji Fertiliser Co gained Re 0.63 to close at Rs 173.38 with 1.105 million shares. Byco Petroleum inched up by Re 0.05 to close at Rs 7.25 with 1.147 million shares.
Lucky Cement increased by Re 0.21 to close at Rs 82.66 with 0.908 million shares. Lotte Pakistan PTA lost Re 0.15 to close at Rs 10.63 with 0.900 million shares. PTCL decreased by Re 0.06 to close at Rs 10.74 with 0.873 million shares. Pakistan Cables and Ittehad Chemical were highest gainers by Rs 1.17 and Rs 1.16 to close at Rs 32.17 and Rs 24.41 respectively, while Unilever Pak and Bata (Pak) were worst losers by Rs 117.56 and Rs 32.29 to close at Rs 5362.40 and Rs 747.72 respectively.
Ahsan Mehanti at Arif Habib Investments said that bearish activity was witnessed at KSE as investors remained cautious ahead of policy announcement this month. The major fall in global stocks and commodities on US and Europe debt fears affected the sentiment. Investors opted for selling despite strong fundamentals in local commodity stocks in fertiliser, oil and cement sectors. He said that institutional support in blue chip stocks Fauji Fertilisers, OGDC, MCB and National Bank led intra-day recovery in bearish session.