RECORDER REPORT: KSE-100 close of day

Friday, 10 February 2012 19:31

KARACHI: The KSE-100 index on Friday gained 18.36 points to close at 12,231.60 points on the back of investors' interest in some selective stocks.

The market witnessed some pressure during early hours that forced the index into negative zone at 12,191.42 points intra-day low level. However, the investors' interest in some selective stocks in cement, banking and fertilizer sectors supported the index to recover its intra-day losses and to hit 12,313.59 points intra-day high level.

Trading activities remained low due to investors' cautious stance and the daily volumes at ready counter declined to 107.140 million shares as compared to 139.144 million shares traded on Thursday. Total market capitalization increased by Rs 3 billion to Rs 3.185 trillion. Of the total 306 active stocks, 127 closed in negative and 108 in positive while the value of 71 scrips remained unchanged.

Fauji Cement was the volume leader with 14.455 million shares however lost Re 0.08 to close at Rs 4.55. Jahangir Siddiqui Co declined by Re 0.33 to close at Rs 7.47 with 12.816 million shares.

In the fertilizer sector, Fatima Fertilizer Co gained Re 0.52 to close at Rs 22.65 with 8.024 million shares while Engro Corp lost Re 0.29 to close at Rs 121.70 with 2.695 million shares. Azgard Nine decreased by Re 0.58 to close at Rs 4.97 with 7.843 million shares.

NBP increased by Re 0.61 to close at Rs 46.54 with 5.741 million shares. Pak Elektron surged by Re 0.94 to close at Rs 4.94 with 3.901 million shares. PTCL inched up by Re 0.46 to close at Rs 12.02 with 3.862 million shares. Pace (Pak) Limited lost Re 0.02 to close at Rs 1.63 with 2.782 million shares. Hub Power Co closed at Rs 36.30, up Re 0.39 with 2.587 million shares.

Unilever Pak and Colgate Palmolive were the highest gainers increasing by Rs 12.94 and Rs 5.00 to close at Rs 5312.77 and Rs 705.00 respectively while Indus Dyeing and Mithchells were the worst losers declining by Rs 19.71 and Rs 3.64 to close at Rs 374.75 and Rs 102.50 respectively.

Hasnain Asghar Ali at Aziz Fidahusein Co said that the negative news flow, reservations of FBR regarding announced infrastructural changes in CGT mechanism and amnesty for stock market investors along with tough economic and financial horizon, did have a negative impact on various frontline stocks, as those faced though resistance to sustain the attained levels, gains in OGDC however allowed the index to avert likely fall, despite negative numbers in broader market.

He said that the banking stocks, mainly on earnings euphoria witnessed renewed buying, contrary to the sentiments, low expectations from monetary policy announcement gloomy economic and financial front kept the wider market participants in a cautious mode, as depicted by decline in turnover, intra-day snap rallies however provided short term trading opportunities.