Late-buying pushes index up

RECORDER REPORT

KARACHI: Late buying mainly by local investors in some select stocks on Thursday supported the KSE-100 index to register an increase of 44.69 points and closed at the level of 11,685.15 points.

Foreign investors however remained on the selling side and withdrew another $1.82 million from the local equity market.

The market witnessed a mixed trend throughout the session with the index oscillating between 11,722.83 points intra-day high and 11,603.38 points intra-day low levels.

Trading activity remained low as the volumes at ready counter declined to 75.406 million shares as compared to 112.420 million shares traded on Wednesday. Total market capitalisation increased by Rs 11 billion to Rs 3.064 trillion. Out of the total 358 active scrips, 146 closed in positive, 109 in negative while the value of 103 scrips remained unchanged.

Fatima Fertilizer Co was the volume leader with 8.148 million shares, however it lost Re 0.83 to close at Rs 23.39. In the other fertilizer sector stocks, Fauji Fertilizer Bin Qasim gained Re 0.24 to close at Rs 61.95 with 4.440 million shares while Fauji Fertilizer Co and Engro Corp declined by Rs 3.45 and Rs 1.26 to close at Rs 185.00 and Rs 123.68 with 4.184 million shares and 3.135 million shares, respectively.

NBP surged by Rs 1.92 to close at Rs 44.81 with 7.640 million shares while Bank Al Falah gained Re 0.44 to close at Rs 11.20 with 3.341 million shares. Lotte Pakistan PTA gained Re 0.27 to close at Rs 12.50 with 5.590 million shares. Pace (Pak) inched up by Re 0.21 to close at Rs 1.86 with 5.022 million shares.

In the cement sector, DG Khan Cement lost Re 0.40 to close at Rs 21.66 with 4.976 million shares while Lucky Cement surged by Rs 2.11 to close at Rs 82.30 with 2.012 million shares.

Unilever Pak and Bata (Pak) were the top gainers with Rs 196.57 ad Rs 40.23 to close at Rs 5896.48 and Rs 844.92, respectively while National Refinery and Rafhan Maize were the worst losers declining by Rs 11.18 and Rs 4.15 to close at Rs 359.09 and Rs 2807.50, respectively.

Ahsan Mehanti at Arif Habib Investments said the stocks finished higher at KSE led by banking sector scrips after rumours regarding favourable provision requirements for non-performing loans against forced sale value of pledged stocks and properties.

He said the institutional interest in oversold oil stocks supported the index despite fall in global stocks and commodities. The expectation for betterment of Pak-US relations after government meeting with US Secretary of State and government approach for new IMF programme played a catalyst role in positive close at KSE, he added.