Index gains 41.6 points
The KSE-100 index on Thursday gained 41.60 points to close at 12,474.77 points level on the back of local investors and institutional support. The foreign investors, however, remained on the selling side and withdrew $7 million from the local equity market.
Copyright Business Recorder, 2011
The market opened on a positive note and the index breached 12,500 psychological level to hit 12,504.84 points intra-day high level. However, profit taking in late hours minimised the intraday gains.
Trading activities also reduced as the volumes at ready counter declined to 70.323 million shares as compared to 83.251 million shares traded on Wednesday. Total market capitalisation increased by Rs 18 billion to Rs 3.288 trillion. Out of the total 347 active scrips, 137 closed in positive and 102 in negative while the value of 108 scrips remained unchanged. Azgard Nine was the volume leader with 6.947 million shares and gained Re 0.21 to close at Rs 6.22.
In the fertiliser sector, Fatima Fertilizer Co and Fauji Fertiliser Co inched up by Re 0.06 and Re 0.02 to close at Rs 17.13 and Rs 164.54 with 6.206 million shares and 5.785 million shares respectively.
Investors interest was seen in the banking sector, as Bank Al Falah, NBP and BoP surged by Re 0.29, Rs 1.14 and Re 0.06 to close at Rs 10.83, Rs 54.69 and Rs 6.75 with 5.557 million shares, 2.528 million shares and 2.192 million shares respectively. NIB Bank ( R ) closed at Re 0.02 without any change with 5.007 million shares.
Arif Habib Corp gained Re 0.14 to close at Rs 28.21 with 3.665 million shares. Hub Power Co lost Re 0.06 to close at Rs 38.84 with 2.327 million shares. Jahangir Siddiqui Co closed at Rs 7.45, up Re 0.01 with 1.481 million shares. Nestle Pakistan and Service Industries were the highest gainers increasing by Rs 89.02 and Rs 9.38 to close at Rs 4400.01 and Rs 197.05 respectively while Unilever Pak and Shezan International were the worst losers declining by Rs 46.91 and Rs 7.31 to close at Rs 5835.95 and Rs 141.99 respectively.
Ahsan Mehanti at Arif Habib Investments said that positive activity was witnessed at KSE on institutional interest in blue chip scrips on strong valuations.
He said that the local investors and institutional interest in selected scrips in banking, oil and fertiliser sectors ahead of major earning announcements played a catalyst role in positive activity at KSE despite concerns for rising government debt and uncertainty in global capital and commodity markets on sovereign debt crises.