KSE index up 37.55 points

RECORDER REPORT

KARACHI: The KSE-100 index on Thursday gained 37.55 points to close at 11,306.10 points on the back of investors' interest in available attractive levels.

The market opened slightly negative however fresh buying mainly in fertiliser and banking sector stocks supported the index to recover its intra-day losses and hit 11,325.59 points intra-day high level.

Trading activity remained very low as the volumes at ready counter declined to 33.212 million shares as compared to previous day's 46.576 million shares. Total market capitalisation increased by Rs 10 billion to Rs 2.932 trillion. Of the total 288 active stocks, 119 closed in positive, 72 in negative while the value of 97 stocks remained unchanged.

Fertilizer sector led the rally as Engro Corp, Fatima Fertilizer Co, Fauji Fertilizer Co and Fauji Fertilizer Bin Qasim being the volume leaders of the day increased by Rs 4.33, Re 0.35, Rs 1.92 and Re 0.48 to close at Rs 98.54, Rs 23.17, Rs 154.35 and Rs 47.59 with 5.152 million shares, 3.354 million shares, 2.376 million shares and 1.958 million shares, respectively.

Hub Power Co gained Re 0.08 to close at Rs 34.58 with 2.159 million shares. Lotte Pakistan PTA inched up by Re 0.33 to close at Rs 9.67 with 1.896 million shares. Japan Power closed at Re 0.67, up Re 0.02 with 1.612 million shares. Jahangir Siddiqui Co closed at the previous day's closing level of Rs 4.19 with 1.406 million shares.

Attock Refinery increased by Re 0.30 to close at Rs 110.08 with 1.063 million shares. NBP gained Re 0.51 to close at Rs 41.19 with 0.867 million shares.

Unilever Pak and Nestle Pakistan were the top gainers with Rs 146.93 and Rs 128.40 to close at Rs 5547.50 and Rs 2696.43, respectively while Millat Tractors and Al Ghazi Tractors were the worst losers with Rs 9.04 and Rs 9.03 to close at Rs 364.74 and Rs 173.44, respectively.

Ahsan Mehanti at Arif Habib Investments said the stocks closed higher amid thin trade led by fertiliser and banking sector stocks on strong valuations marking pace for year-end rally.

He said the investors turned bullish at KSE after local urea prices were raised and investors speculated over strong year-end corporate announcements.

"Expected developments on CGT issues this weekend and recovery in global stocks supported the positive sentiment despite concerns for uncertain political climate in the country pending memo case hearing by the Supreme Court," he said.