KARACHI: The KSE-100 Index on Tuesday lost 45.81 points to close at 9,029.45 points level due to investors’ cautious stance as they preferred to offload their holdings ahead of Eid. The market opened on a positive note with 8 points plus. However, just after start of the session, selling pressure forced the index into negative zone to 8,966.89 points intra-day low, down 108 points.

Selective buying in late hours supported the index to minimise its early losses. The volume at ready counter increased slightly to 147.000 million shares as compared to 144.495 million shares traded on Monday. Market capitalisation declined by Rs 12 billion to Rs 2.626 trillion.

Out of 356 active scrips, 192 closed in negative and 143 in positive while the value of 21 scrips remained unchanged. BoP was the volume leader with 16.385 million shares and gained Re. 0.74 to close at Rs 14.90. In the other banking sector stocks, Bank Al Falah lost Re. 0.15 to close at Rs 12.79 with 9.312 million shares. Azgard Nine increased by Re. 0.62 to close at Rs 28.13 with 12.957 million shares.

Recent oil and gas recoveries in the country invited fresh buying in the E&P sector, and OGDC surged by Re. 0.93 to close at Rs 113.52 with 11.214 million shares. Jahangir Siddiqui Co gained Re. 0.69 to close at Rs 28.17 with 10.256 million shares. Nishat Mills lost Re. 0.11 to close at Rs 61.18 with 9.361 million shares.

Arif Habib Sec declined by Re. 0.32 to close at Rs 38.33 with 5.801 million shares. PTCL lost Re. 0.78 to close at Rs 20.11 with 4.981 million shares. Hub Power decreased by Re. 0.56 to close at Rs 30.44 with 4.805 million shares. Pak PTAclosed at Rs 5.13, down Re. 0.11 with 3.960 million shares.

Unilever Food and Siemens Pak were the highest gainers and gained Rs 66.99 and Rs 23.00 to close at Rs 1407.00 and Rs 1229.00 respectively while Unilever Pak and Bata (Pak) Limited were the worst losers and lost Rs 42.55 and Rs 40.00 to close at Rs 2251.45 and Rs 960.00 respectively.

Ahsan Mehanti at Shehzad Chamdia Securities said that selling activity was witnessed as local investors preferred profit taking ahead of Eid. Offshore investors also opted for profit taking. However, he said, discovery of hydrocarbon in Dakhni well announced by OGDC supported the market near the end of the session and minimised the losses.

Fall in oil prices in the international market, concerns regarding circular debt issue resolution, uncertainty in global equity markets and limited expectation of significant cut in discount rates played as catalysts in negative activity at KSE.

[source: brecorder.com]