Index loses 64.22 points

KARACHI:KSE-100 index on Wednesday lost 64.22 points and closed at 10,617.65 points due to profit taking, mainly by local investors after mid-session. The market opened on a positive note on the back of strong foreign support and the index hit 10,759.68 points intra-day high, up 77.81 points. However, the momentum could not continue due to absence of follow-up support and selling by local investors. Yet foreign investors remained net buyers of shares worth $4.2 million.Trading reduced slightly and the volume at ready counter declined to 106.159 million shares as compared to 108.157 million shares traded on Tuesday. Market capitalisation declined by Rs 17 billion to Rs 2.906 trillion. Of 398 active scrips, 241 closed in negative and 130 in positive, while the value of 27 scrips remained unchanged.
D G Khan Cement was the volume leader with 9.588 million shares. However, it lost Re 0.95 to close at Rs 26.77. Lotte Pakistan PTA decreased by Re 0.07 to close at Rs 10.27 with 8.877 million shares. BoP and Bank Al Falah increased by Re 0.28 and Re 0.39 to close at Rs 9.71 and Rs 9.78 with 8.371 million shares and 7.060 million shares respectively.Attock Refinery surged by Rs 3.43 to close at Rs 109.27 with 4.721 million shares. Byco Petroleum lost Re 0.30 to close at Rs 11.21 with 4.302 million shares. Jahangir Siddiqui Co gained Re 0.08 to close at Rs 9.96 with 4.114 million shares. TRG Pakistan declined by Re 0.13 to close at Rs 4.17 with 3.965 million shares. Amtex decreased by Re 0.42 to close at Rs 4.92 with 2.760 million shares. Nishat Mills lost Re 0.99 to close at Rs 50.90 with 2.506 million shares.

Unilever Foods and Bata Pak were the highest gainers increasing by Rs 41.82 and Rs 29.30 to close at Rs 1090.00 and Rs 615.41 respectively, while Dreamworld and Fazal Textile were the worst losers declining by Rs 29.00 and Rs 23.33 to close at Rs 730.00 and Rs 443.39 respectively.Ahsan Mehanti at Arif Habib Investments said that bearish activity was witnessed in post-major earnings announcement session on investor concerns for fiscal position and difficult economic decisions as the government meets IMF team to discuss release of next tranche for Pakistan economic support. The rising circular debt concerns as OMCs block fuel supplies in energy sector and expectation for rise in T-bill yields in SBP auction played a catalyst role in negative activity at KSE despite continuing foreign interest in Oil and Gas, banking and fertiliser sectors – Brecorder