Index crosses 12,000-point mark

The KSE-100 index on Monday closed above 12,000 points level at 12,030.64 points with a net gain of 57.26 points on the back of institutional support. The market opened on a negative note as investors opted cautious stance due to prevailing law and order situation in the city, and the index dropped to 11,918.72 points intra-day low level.
However, institutional interest on dips supported the index to recover its intra-day losses to close above 12,000 points level. Due to investors'' lack of interest, trading remained low and the volumes at ready counter declined to 40.278 million shares as compared to 44.371 million shares on last trading session.
Of 334 active scrips, 117 stocks closed in positive and 106 in negative, while the values of 111 stocks remained unchanged. Lotte Pakistan PTA was the volume leader with 5.574 million shares and gained Re 0.13 to close at Rs 15.06. Jahangir Siddiqui Co inched up by Re 0.07 to close at Rs 7.17 with 3.696 million shares. Azgard Nine increased by Re 0.15 to close at Rs 5.79 with 3.192 million shares. NIB Bank lost Re 0.04 to close at Rs 1.54 with 3.190 million shares.
Pak Reinsurance gained Re 0.54 to close at Rs 17.68 with 2.609 million shares. Engro Corp inched up by Re 0.46 to close at Rs 192.03 with 1.721 million shares. Hub Power increased by Re 0.63 to close at Rs 37.84 with 1.112 million shares. PPL surged by Rs 4.16 to close at Rs 209.88 with 1.112 million shares. Fauji Fertiliser Bin Qasim closed at Rs 41.95 up Re 0.01 with 1.020 million shares. MCB Bank lost Re 0.06 to close at Rs 207.73 with 1.019 million shares.
PPL and J DW Sugar Mills were the highest gainers, increasing by Rs 4.16 and Rs 3.73 to close at Rs 209.88 and Rs 80.50 respectively, while Unilever Pak and Colgate Palmolive were the worst losers declining by Rs 67.49 and Rs 14.83 to close at Rs 5212.41 and Rs 710.17 respectively.
Ahsan Mehanti at Arif Habib Investments said that the market witnessed positive trend amid thin trade on institutional interest in scrips across the board led by commodity stocks. He said that the expectation for positive announcements in the federal budget for small investors and early release of next IMF tranche for Pakistan economic support played a catalyst role in positive close at KSE despite major fall in global capital markets and security concerns after terrorist activity at PNS Naval Airbase in the city.