The KSE-100 index on Friday lost 81.27 points and closed at the level of 11,648.14 points due to selling after mid session with extreme low volumes. Although the opening was positive and the index hit 11,776.42 points intra-day high. However, this momentum could not continue as the investors opted for profit taking on available margins.
Trading activities remained extremely low as the volumes at ready counter drastically declined to 28.176 million shares, as compared to previous day's 50.796 million shares. Total market capitalisation declined by Rs 20 billion to stand at Rs 3.032 trillion. Out of the total 309 active scrips, 123 closed in negative and 78 in positive, while the value of 108 scrips remained unchanged.
Fauji Fertiliser Bin Qasim was the volume leader with 3.532 million shares, however lost Rs 1.94 to close at Rs 56.55. In the other fertiliser sector stocks, Engro Corp and Fauji Fertiliser Co declined by Rs 4.87 and Rs 3.16 to close at Rs 126.40 and Rs 172.36 with 1.137 million shares and 1.113 million shares, respectively.
In the banking sector, Bank Al Falah inched up by Re 0.02 to close at Rs 12.01 with 3.179 million shares, while NBP lost Rs 1.07 to close at Rs 42.10 with 1.233 million shares. OGDC declined by Rs 1.34 to close at Rs 153.21 with 1.363 million shares. Azgard Nine lost Re 0.02 to close at Rs 3.43 with 1.362 million shares. Arif Habib Corp decreased by Re 0.52 to close at Rs 28.67 with 1.113 million shares. Jahangir Siddiqui Co gained Re 0.09 to close at Rs 5.63 with 1.030 million shares. Lotte Pakistan PTA lost Re 0.11 to close at Rs 10.06 with 0.788 million shares.
Nestle Pakistan and Bata (Pak) were the highest gainers increasing by Rs 116.60 and Rs 18.74 to close at Rs 2876.54 and Rs 788.74, respectively while Siemens Pak and Colgate Palmolive were the worst losers declining by Rs 43.00 and Rs 15.05 to close at Rs 817.00 and Rs 575.00, respectively. Ahsan Mehanti at Arif Habib Investments said that the bearish activity was witnessed in stocks across the board on institutional profit taking ahead of SBP policy announcement next week.
He said that the major fall in global stocks and commodities on concerns for US economic growth and Europe debt crises affected the investor sentiment. The foreign investors continued limited offloading in blue chip stocks at the local bourse. Trade remained thin despite OGRA announcement for raise in local gas tariff easing concerns for rising circular debt in the country, he added.