Index gains 61.37 points

RECORDER REPORT

KARACHI: The KSE-100 index on Thursday increased by 61.37 points to close at 11,807.46 points on the back of investor interest on available low levels in the oversold market.

The market opened on a positive note and the index hit 11,863.23 points intra-day high level. However, investors opted for profit taking in some select stocks that minimised the intra-day gains.

Trading activity remained low ahead of long weekend on account of Eid. The volumes at ready counter declined to 61.486 million shares as compared to 63.860 million shares traded on Wednesday.

Total market capitalisation increased by Rs 12 billion to Rs 3.080 trillion. Out of total 328 active scrips, 121 closed in positive, 121 in negative while the value of 86 stocks remained unchanged.

Fatima Fertilizer Co was the volume leader with 12.908 million shares, however lost Rs 1.04 to close at Rs 23.97. In the other fertilizer sector stocks, Engro Corp and Fauji Fertilizer Bin Qasim increased by Rs 6.19 and Rs 0.48 to close at Rs 130.18 and Rs 60.44 with 5.468 million shares and 2.505 million shares respectively while Fauji Fertilizer Co decreased by Re 0.41 to close at Rs 180.51 with 5.122 million shares. Jahangir Siddiqui Co inched up by Re 0.37 to close at Rs 5.83 with 5.009 million shares.

DG Khan Cement increased by Rs 0.57 to close at Rs 21.55 with 4.122 million shares. Azgard Nine lost Re 0.04 to close at Rs 3.89 with 2.888 million shares. Arif Habib Corp gained Re 0.50 to close at Rs 30.57 with 1.604 million shares. Lotte Pakistan PTA lost Re 0.02 to close at Rs 11.02 with 1.559 million shares. Bank Al Falah inched up by Re 0.03 to close at Rs 11.02 with 1.251 million shares.

Colgate Palmolive and Millat Tractors were the top gainers increasing by Rs 26.17 and Rs 11.72 to close at Rs 561.00 and Rs 399.12 respectively while Unilever Pak and Rafhan Maize were the worst losers declining by Rs 121.34 and Rs 95.16 to close at Rs 5611.34 and Rs 2607.67 respectively.

Hasnain Asghar Ali at Aziz Fidahusein Co said that the massive stock swapping in fertilizer sector stocks that allowed the sector to lead the turnover, which has been on decline mainly due to low interest ahead of Eid holidays.

Frontline and mid-tier stocks continued to stay a victim of syndicated activity by the local participants both, from corporate and high net worth circuit, wherein Fauji group stocks along with other mid-tier stock of the sector stayed under pressure, while muscle power in Engro allowed the stock to hit and sustain the maximum.

Along with the active fertilizer stocks, frontline cement stocks did invite trading activity, mainly on the MFN declaration to India, along with positive impact on financial charges due to recent decline in local interest rates, while anticipation of likely resolution of circular debt through issuance of bonds kept the front-line banking stocks active in the trading window, while various high priced stocks from oil and gas sector continued to invite off-loading on strength, he added.