Index gains 72.73 points

Investors' interest mainly in E&P sector on Thursday supported the KSE-100 index to register an increase of 72.73 points and close at 12,496.03 points on the last trading session of FY11. Initially the market witnessed a mixed trend with the index moving both sides. During the session, the index breached 12,500 psychological level and hit 12,543.31 points intra-day high level.
Trading volumes stood at 65.925 million shares, as compared to previous day's 61.588 million shares. Total market capitalisation increased by Rs 18 billion to stand at Rs 3.288 trillion. Out of the total 328 active scrips, 129 closed in negative and 115 in positive, while the value of 84 stocks remained unchanged.
Fatima Fertiliser Co was the volume leader with 7.947 million shares and gained Re 0.56 to close at Rs 16.64. Bank Al Habib inched up by Re 0.25 to close at Rs 29.47 with 4.438 million shares. Fauji Fertiliser Bin Qasim declined by Re 0.79 to close at Rs 42.15 with 3.502 million shares. Engro Corp surged by Rs 2.37 to close at Rs 163.25 with 2.639 million shares. Bank Al Falah lost Re 0.02 to close at Rs 9.57 with 2.615 million shares. Lotte Pakistan PTA decreased by Re 0.16 to close at Rs 13.83 with 2.256 million shares.
Artistic Denim Mills increased by Rs 1.17 to close at Rs 25.00 with 2.120 million shares. BoP lost Re 0.27 to close at Rs 5.84 with 2.103 million shares. Arif Habib Corp declined by Re 0.32 to close at Rs 26.30 with 1.876 million shares. Habib Metropolitan Bank gained Re 0.28 to close at Rs 21.77 with 1.723 million shares.
Nestle Pakistan and Wyeth Pak were the highest gainers increasing by Rs 68.89 and Rs 47.00 to close at Rs 5475.09 and Rs 987.00, respectively while Unilever Pak and Rafhan Maize were the worst losers declining by Rs 173.15 and Rs 94.68 to close at Rs 5225.49 and Rs 2624.57, respectively. Hasnain Asghar Ali at Aziz Fidahusein Co said that taking lead from the international equities and oil markets, the local bourse, through syndicated efforts by both local corporate and resident participants sustained the bull-run.
"Although early turbulence that pushed the index in the negative zone was, soon overpowered mainly through fresh influx by corporate participants, in the stocks likely to continue growth in earnings and payouts", he said. While speculative activity in index heavy weights provided the low volume support to the index, prolonged stagnation kept the sellers active in frontline stocks, regardless of fundamentals.
He was of the view that psychological impact of likely increase in gas charges, that came in as negative, pushed forced the frontline stocks of the fertiliser sector in red zone, however increase in discounts, did invite renewed accumulation on dips, mainly on the expectations that the impact of subsidy withdrawal will be passed on to the end user, thus leading to windfall inventory gains, there inviting renewed buyers in the sector stocks away from the wrath of gas curtailment and high debt, while support of the respective groups in their listed stocks of the sector, stabilised the share price of the targeted stocks.