Index gains 102.94 points

The KSE-100 index gained 102.94 points during the week ended on June 24, 2011 and closed at the level of 12,464.26 points on the back of local investors'' support. Foreign investors, however, remained on the selling side as a net outflow of $3.6 million of offshore investment was seen during the week.
Trading improved and the average daily volume increased to 61.48 million shares, or 15.68 percent, as compared to previous week''s 53.14 million shares.
Market capitalisation also increased by Rs 22 billion to Rs 3.287 trillion.
On Monday, the market opened under heavy pressure and the index declined by 195.34 points to close at 12,165.98 points with turnover of 51.083 million shares.
On Tuesday, the index recovered 160.16 points on the back of local investors'' support and closed at 12,326.14 points with 68.175 million shares. T
On Wednesday, the index gained 43.27 points to close at 12,369.41 points, with 59.470 million shares. On Thursday, the market witnessed another bullish session and the index surged by 139.01 points to close at five months highest level of 12,508.42 points with 76.954 million shares.
On Friday, the investors opted for profit taking and the index lost 44.16 points to close the week at 12,464.26 points with 51.726 million shares.
Yawar-uz-Zaman, an analyst at Invest Capital and Securities, said: "Although immense pressure was seen by Engro due to concerns arising out of prolonged gas outage, strong support provided by oil and other fertiliser scrips induced investors to take fresh positions in these sector stocks on the back of expected increase in urea price and as well as early announcement of PPL dividend of Rs 5/share".
On the economic front, the government''s efforts to bridge budget deficit by issuing $500 million OGDC bonds did not go very far in the near term as investors asked the government to delay it until Greek debt crisis is resolved, or at least when an appetite for such an issue is developed internationally.
On the positive side, exports recorded growth of 27 percent to $22.7 billion during 11MFY11 (July-May), whereas textile group continued to contribute positively (51 percent of total) during the period.
Sana Hanif at JS Global Capital said though the week saw the KSE-100 index rising 0.8 percent during the week. Interestingly, most of the gains were contributed by Nestle, which was up a significant 24 percent on week-on-week basis.
Average daily volume, strengthened by 15.68 percent to 61.48 million shares with Engro concluding to be the volume leader (6.1 million shares on average), making up 10 percent of the market volumes.
Chemical sector stood as a leading outperformer, with Engro being a notable exception (down 4.8 percent) after reports of gas curtailment resurfaced over the weekend. The stock recovered marginally, though post losing 8.8 percent during first three trading sessions. Meanwhile, FFC and FFBL outperformed the market by 4.7 percent and 0.3 percent as investors expect another round of urea price hike. With regard to energy stocks, POL remained firm (up 3.6 percent) on the back of improved production prospects from its Domail-II field which has entered the testing phase. PPL, despite announcement of a secondary offering, declined 0.3 percent after its much hyped interim dividend of Rs 5 per share came in below market expectations.