Prevailing political situation in the country affected investors' sentiments on Wednesday and the KSE-100 index after moving both sides finally closed 10,930.49 points, down 2.69 points. After slight positive opening the investors opted for selling that forced the index into negative zone at 10,869.62 points intra-day low level.
However, selective buying in late hours supported the index to recover its intra-day losses. Due to absence of investors, trading activities remained extremely low, as the volumes at ready counter declined to 23.057 million shares, as compared to 43.524 million shares traded on Tuesday. Total market capitalisation declined by one billion rupees to stand at Rs 2.844 trillion. Of the total 319 active stocks, 122 closed in positive and 87 in negative, while the value of 110 stocks remained unchanged.
Fauji Fertiliser Bin Qasim was the volume leader with 3.290 million shares and gained Rs 1.43 to close at Rs 43.37. In the other fertiliser sector stocks, Fauji Fertiliser Co, Engro Corp and Fatima Fertiliser Co increased by Rs 3.19, Re 0.13 and Re 0.05 to close at Rs 158.98, Rs 95.51 and Rs 22.83 with 1.928 million shares, 1.195 million shares and 1.106 million shares, respectively.
Hub Power Co lost Re 0.34 to close at Rs 33.34 with 2.346 million shares. NBP declined by Re 0.56 to close at Rs 42.88 with 1.307 million shares. Lotte Pakistan PTA inched up by Re 0.13 to close at Rs 9.97 with 1.178 million shares. PTCL gained Re 0.22 to close at Rs 10.25 with 0.965 million shares. WorldCall Telecom increased by Re 0.07 to close at Rs 1.01 with 0.907 million shares. DG Khan Cement closed at Rs 19.63, up Re 0.09 with 0.559 million shares.
Colgate Palmolive and Mithchells Fruit were the highest gainers increasing by Rs 30.54 and Rs 4.09 to close at Rs 641.97 and Rs 86.07, respectively while Unilever Pak and Nestle Pakistan were the worst losers declining by Rs 120.52 and Rs 66.51 to close at Rs 5188.05 and Rs 2844.22, respectively.
Ahsan Mehanti at Arif Habib Corp said that the stocks closed lower at KSE on investor concerns over uncertain political outlook after NRO verdict by the Supreme Court. He said that the trade remained thin ahead of year-end corporate announcements at KSE. Index managed to close above session lows led by commodity stocks in fertiliser and cement sector despite concerns for pending resolution on CGT issues at KSE.