After moving both sides, the KSE-100 index on Thursday closed at 14,066.09 points down 151.65 points due to selling mainly local investors and institutions. The foreign investors'' interest continued and they remained net buyers of shares worth 1.83 million dollars.
During the session, the market witnessed a mixed trend with the index oscillating between 14,317.84 points intra-day high and 14,027.37 points intra-day low level due to uncertainty on political front. Trading activities also remained low as the volumes at ready counter declined to 270.527 million shares as compared to 306.800 million shares traded on Wednesday. Total market capitalisation declined by Rs 40 billion to stand at Rs 3.594 trillion. Of the total 372 active stocks, 208 closed in negative and 98 in positive while the value of 66 stocks remained unchanged.
Jahangir Siddiqui Co was the volume leader with 37.990 million shares, however lost Re 1.00 to close at Rs 16.92. IGI Inv. Bank decreased by Re 0.31 to close at Rs 3.24 with 17.105 million shares. PTCL declined by Re 0.66 to close at Rs 12.71 with 17.078 million shares.
In the cement sector, Fauji Cement, DG Khan Cement and Lafarge Pakistan plunged by Re 0.24, Rs 2.04 and Re 0.36 to close at Rs 6.28, Rs 40.25 and Rs 4.94 with 16.166 million shares, 14.752 million shares and 12.912 million shares respectively. Azgard Nine lost Re 0.66 to close at Rs 7.86 with 8.518 million shares.
NBP declined by Re 0.85 to close at Rs 48.80 with 8.353 million shares. Engro Foods surged by Rs 2.35 to close at Rs 53.28 with 8.305 million shares. Fauji Fertiliser Bin Qasim increased by Rs 1.89 to close at Rs 40.14 with 7.702 million shares.
Unilever Food and Pak Gum & Chem were the top gainers increasing by Rs 106.63 and Rs 6.13 to close at Rs 2239.25 and Rs 128.92 respectively while Nestle Pakistan and Unilever Pak were the top losers declining by Rs 212.78 and Rs 35.61 to close at Rs 4091.26 and Rs 6215.30 respectively.
Hasnain Asghar Ali, Head of Equity Sales at Invisor Securities said that likely impact of judicial decision under the light of various interpretations, on political scene, law and order situation and on recently issued Ordinance related to investments in stock exchanges certainly dominated the proceeding at the local bourse, wherein uncertainty was quite evident, thereby leading to massive low volume onslaught towards the closing hour.
"Despite materialisation of long awaited infrastructural changes, the local stock market continued to stay in a "no man''s land", the political uncertainty that has gone through the roof, after the decision of judiciary, continued to disallow aggressive activity, although the decision of FBR to reintroduce CVT on purchase of shares, the move that will improve the cost of trade, that may disallow the local bourse to attain the expected volumetric increase, the proposed infrastructural changes will certainly allow substantial increase in turnover", he said.
He said the judicial decision and its repercussions that have given birth to various interpretations, wherein some even questioned the approval of Ordinance related to investment in stock market, issued by the highest authority, by the national assembly, thus keeping the market participants in a limbo.
Increase in DAP price did invite accumulation in the beneficiary stocks, however post result sell-off in various frontline stocks despite growth did restrict the benchmark in a narrow band, intra-day high mainly on renewed buying in various frontline stocks having potential of trading at improved multiples post implementation of infrastructural changes was although disallowed sustainability, underlying tone stayed positive, he added.