Stock market players on Wednesday opted for profit taking and the KSE-100 index lost 69.49 points to close at 11,268.55 points. The market witnessed mixed trend with the index oscillating between 11,405.83 points intra-day high and 11,228.44 points low. Trading remained low and the volume at ready counter declined to 46.576 million shares as compared to 77.801 million shares of Tuesday.
Market capitalisation declined by Rs 16 billion to Rs 2.922 trillion. Of 304 active scrips, 113 closed in negative and 92 in positive, while the values of 99 stocks remained unchanged. Fatima Fertiliser Co was the volume leader with 8.869 million shares and gained Re 0.33 to close at Rs 22.82. In the other fertiliser sector stocks, Engro Corp, Fauji Fertiliser Co and Fauji Fertiliser Bin Qasim declined by Rs 2.35, Rs 2.43 and Re 0.92 to close at Rs 94.21, Rs 152.43 and Rs 47.11 with 4.663 million shares, 2.600 million shares and 2.414 million shares respectively.
Hub Power lost Rs 1.02 to close at Rs 34.50 with 3.884 million shares. Jahangir Siddiqui Co closed at previous day's closing level of Rs 4.19 with 1.981 million shares trading. Bank Al Falah decreased by Re 0.16 to close at Rs 11.35 with 1.772 million shares.
WorldCall Telecom inched up by Re 0.09 to close at Re 0.90 with 1.537 million shares. DG Khan Cement lost Re 0.22 to close at Rs 18.78 with 1.405 million shares. Nishat (Chunian) gained Re 0.40 to close at Rs 18.24 with 1.017 million shares.
Nestle Pakistan and Siemens Pak were highest gainers by Rs 122.28 to close at Rs 31.37 to close at Rs 2568.03 and Rs 811.37 respectively, while Clariant Pakistan and Attock Petroleum were worst losers by Rs 5.23 and Rs 4.71 to close at Rs 146.77 and Rs 419.23 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that despite desperate attempts the rumour-led surge failed to sustain, although the well informed did make attempts to give the fading rumour some life. Absence of official statement by FBR, supporting the over-played rumour, suggesting change in CGT implementation mechanism, triggered unprecedented offshore sell-off along with stiff resistance by the locals mainly in the high priced stocks.
He said that the inflationary measures being taken by the authorities, the recent gas price hike, kept the wider market under pressure. Despite maximum support aided through low volume strength in Nestle contributed 24 points on 218 shares traded.