Index gains 72.04 points

RECORDER REPORT

KARACHI: After witnessing a highly volatile session on Friday, the KSE-100 index closed at 11,464.61 points, up 72.04 points, on late buying, mainly in fertilizer and E&P sector stocks.

The market opened on a negative note and the index hit 11,345.73 points intra-day low. However, investors' interest on dips in some select stocks supported the index enabling it to recover intra-day losses and to close in positive. During trading, the index crossed the 11,500 points level to hit 11,536.02 points intra-day high.

Trading remained low and the volume at ready counter declined to 42.977 million shares as compared to previous day's 50.274 million shares.

Market capitalisation increased by Rs 18 billion to Rs 2.982 trillion.

Of the 298 active stocks, 101 closed in positive and 102 in negative, while the values of 95 stocks remained unchanged.

Fatima Fertilizer, Fauji Fertilizer Co and Fauji Fertilizer Bin Qasim topped volume leaders and increased by Re 0.43, Rs 3.37 and Re 0.34 to close at Rs 23.57, Rs 158.83 and Rs 52.78 with 11.290 million shares, 3.853 million shares and 3.305 million shares respectively, while Engro Corp lost Rs 5.90 to close at Rs 112.29 with 1.830 million shares.

Jahangir Siddiqui Co decreased by Re 0.05 to close at Rs 5.07 with 1.984 million shares. Hub Power lost Re 0.31 to close at Rs 36.45 with 1.805 million shares.

Lotte Pakistan PTA inched up by Re 0.08 to close at Rs 9.18 with 1.771 million shares.

OGDC surged by Rs 3.99 to close at Rs 158.53 with 1.612 million shares. Pak Elektron lost Re 0.02 to close at Rs 4.06 with 1.307 million shares. Nishat Chunian Power gained Re 0.37 to close at Rs 13.28 with 1.032 million shares.

Nestle Pakistan and Colgate Palmolive were highest gainers by Rs 53.10 and Rs 25.74 to close at Rs 2505.65 and Rs 605.74 respectively, while Wyeth Pakistan and Unilever Pak were worst losers by Rs 26.88 and Rs 10.20 to close at Rs 653.12 and Rs 5434.80 respectively.

Ahsan Mehanti at Arif Habib Investments said that bullish activity was witnessed at KSE on investors' hopes for positive outcome on capital gain tax issues at KSE.

The institutional interest in fertilizers stocks expected to benefit from gas shortages on SNGPL network renewed foreigners' interest in blue-chip scrips and played a catalyst role in bullish sentiment at KSE despite concerns for power shortages to industrial sector.  He said positive remarks by US Secretary of State on President's rejoining office was taken positive by the investors and they took fresh positions on dips.