Investors on Friday opted for profit-taking in late hours due to below expectation financial results of some heavyweight stocks and the KSE-100 index finally closed at 14.042.77 points, down 23.32 points. The market opened on strong positive note and the index breached 14,200 level to hit 14,243.80 points intra-day high. However, the index dropped into negative zone at 14,021.48 points intra-day low due to profit taking in late hours.
Trading activities also remained low as the volumes at ready counter declined to 196.158 million shares as compared to 270.527 million shares traded on Thursday. Total market capitalisation reduced by Rs 7 billion to stand at Rs 3.587 trillion. Of the total 358 active scrip 169 closed in negative and 131 in positive while the value of 58 stocks remained unchanged. Jahangir Siddiqui Co was the volume leader with 15.211 million shares, however, lost Re.1.00 to close at Rs 15.92.
In the banking sector, NBP declined by Rs 1.72 to close at Rs 47.08 with 13.775 million shares while Bank Al Falah inched up by Re.0.15 to close at Rs 17.37 with 6.088 million shares. In the cement sector, DG Khan Cement lost Re.0.13 to close at Rs 40.12 with 12.644 million shares while Fauji Cement, Lafarge Pakistan and Dewan Cement gained Re.0.12, Re.0.06 and Re.0.68 to close at Rs 6.49, Rs 5.00 and Rs 5.37 with 11.380 million shares, 9.124 million shares and 5.999 million shares, respectively.
Engro Foods surged by Rs 2.32 to close at Rs 55.60 with 8.920 million shares. Azgard Nine lost Re.0.39 to close at Rs 7.47 with 6.060 million shares. PTCL inched up by Re.0.06 to close at Rs 12.77 with 5.492 million shares. Unilever Food and Unilever Pak were the top gainers increasing by Rs 111.96 and Rs 109.87 to close at Rs 2351.21 and Rs 6,325.17, respectively, while Siemens Pakistan and Sanofi-Aventis were the top losers declining by Rs 33.73 and Rs 7.00 to close at Rs 706.27 and Rs 160.00, respectively.
Hasnain Asghar Ali, Head of Equity Sales at Invisor Securities said that the benchmark continued to move in a nervous band, although down side and losses on benchmark stayed confined, post result sell-off, last day of over-lapping futures stayed an add-on to the volatile political horizon, thus keeping the cautious stance quite evident.
He said accumulation on dips mainly in the dividend-yielding frontline stocks having the potential of trading at improved multiples restricted price erosion, the search for technical support by speculative stocks those stayed major volume contributors in previous sessions, continued to witness massive onslaught thus disallowing the short term, traders intra-day punting opportunity.
With the nod of caution intact it is, however, recommended to accumulate frontline stocks on discounts, clarity on political front either side will certainly allow the bullish trend to continue, since the implementation of the changes through recently introduced ordinance will continue to invite fresh funds, impact of economic and financial issues, however, cannot be ignored, he added.