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Shares off 111 points on profit-selling

After having fallen by 334 points between the session's low and high at 12,114.00 and 12,451.00 respectively, the KSE 100-share index finally ended with a decline of 112.14 points at 12,258.85.

Renewed buying in the oil shares on reports of higher world prices and increasing demand for Pakistan cement in the regional countries are said to be the chief factors behind the market's mid session recovery from the early lows.

But a leading stock analyst Hasnain Asghar Ali says worries on the CFS front after the ceiling was again touched seems to be the one of the main cause behind the sell-off in some of the leading CFS-based shares.

"The rumours that the number of shares currently in the CFS list is being reduced apparently to keep the limit at the existing Rs55.00 billion also accelerated the market decline," he added.

Ahsan Mehanti, another leading analyst said worries about the law and order situation after the Peshawar suicide attack and the tension in Karachi also took their toll.

However, selective support figured prominently on a number of counters after mid-session,which enabled the market to recover from the early lows.

"I don't think bears could push the market further down at this stage despite the fact that external news are not that encouraging, notably the judicial crisis, the market has other supporting factors to keep it in a good mood."

Among the leading gainers, Rafhan Bestfoods and HinoPak Motors were leading, up by Rs9.00 and 14.50, while losers were led by Nestle Pakistan and Siemens Pakistan, off Rs35.00 and 71.00 respectively.

Trading volume suffered a modest fall at 229 million shares as compared to 283 million shares a day earlier but losers forced a strong lead over the gainers at 221 to 106, with 32 shares holding on to the last levels.