Impressive 307.21-point surge

RECORDER REPORT

KARACHI: The KSE-100 index on Monday surged by 307.21 points and closed at 11,868.88 points on the back of aggressive buying by local individuals and institutions on available attractive levels. Foreign investors remained net sellers of shares and withdrew $1.77 million from the equity market. The market opened on a positive note and the index hit 11,933.28 points intra-day high level. However, profit taking in some stocks in late hours reduced the early gains.

Trading improved and the volume at ready counter increased to 101.135 million shares as compared to 81.083 million shares traded on last Friday.

Market capitalisation increased by Rs 77 billion to Rs 3.098 trillion.

Of 332 active scrips, 165 closed in positive and 83 in negative, while the values of 84 stocks remained unchanged.

Jahangir Siddiqui Co was the volume leader with 15.496 million shares and gained Re 1.00 to close at Rs 5.81. Azgard Nine inched up by Re 0.46 to close at Rs 4.29 with 8.754 million shares.

Fauji Fertilizer Bin Qasim surged by Rs 2.57 to close at Rs 62.47 with 8.541 million shares.

In the cement sector, DG Khan Cement and Lucky Cement increased by Re 0.70 and Re 0.89 to close at Rs 21.06 and Rs 82.91 with 5.198 million shares and 2.581 million shares respectively. Lotte Pakistan PTA inched up by Re 0.25 to close at Rs 11.41 with 4.825 million shares.

NBP increased by Rs 2.07 to close at Rs 43.64 with 2.259 million shares while Bank Al Falah closed at the previous day's closing level of Rs 10.98 with 3.867 million shares.

POL surged by Rs 2.94 to close at Rs 360.45 with 2.949 million shares. Nishat (Chunian) lost Re 0.31 to close at Rs 17.15 with 2.341 million shares. Millat Tractors and National Refinery were highest gainers by Rs 16.22 and Rs 15.48 to close at Rs 379.97 and Rs 325.10 respectively, while Unilever Pak and Al-Ghazi Tractors were worst losers by Rs 97.34 and Rs 8.59 to close at Rs 5734.60 and Rs 175.71 respectively.

Hasnain Asghar Ali at Aziz Fidahusein Co said that the relaxed political front and increase in fertilizer prices local manufacturers allowed the fertilizer sector to lead the bull-run that was well supported by the oil and gas exploration and marketing stocks. This allowed the index triple-digit gains on opening, despite red numbers in international and regional equities and commodities. The renewal of commitment by authorities of resolving the ballooned up circular debt did force the likely sellers on the back foot. High priced stocks, however, continued to face sell-off on gains.