Index gains 30.9 points

The KSE-100 index on Monday gained 30.90 points and closed at 11,583.03 points on the back of support mainly by foreign investors. The profit taking in early hours forced the index land into negative at 11,532.84 points intra-day low, down 19.29 points.
Fresh buying mainly in fertiliser and textile sectors, however, supported the index to recover its intra-day losses and close in green. During the session, the index hit 11,630.85 points intra-day high level, up 78.72 points.
Trading activity also improved as the volumes at ready counter increased to 78.866 million shares as compared to 66.388 million shares traded on last trading session. The overall market capitalisation increased by Rs 9 billion to Rs 3.090 trillion. The foreign investors remained net buyers of shares worth $2.15 million.
Out of the total 358 active scrips, 145 closed in positive, 121 in negative while the value of 92 stocks remained unchanged. The fertiliser sector led the rally as Fauji Fertiliser Bin Qasim was the volume leader with 10.320 million shares gaining Rs 1.22 to close at Rs 41.25. Fatima Fertiliser Co inched up by Re 0.29 to close at Rs 13.31 with 8.097 million shares. Fauji Fertiliser Co (FFC) surged by Rs 2.98 to close at Rs 132.40 with 2.426 million shares.
Pak Reinsurance gained Re 0.41 to close at Rs 18.47 with 4.901 million shares. Descon Oxychem inched up by Re 0.18 to close at Rs 8.94 with 4.185 million shares. Arif Habib Corp surged by Rs 1.02 to close at Rs 24.93 with 4.141 million shares. Nishat (Chunian) increased by Re 0.37 to close at Rs 28.88 with 3.754 million shares. Lotte Pakistan PTA lost Re 0.08 to close at Rs 15.90 with 3.248 million shares.
In the banking sector, BoP declined by Re 0.22 to close at Rs 6.19 with 2.632 million shares while NBP increased by Re 0.12 to close at Rs 56.70 with 2.121 million shares. Nestle Pakistan and Unilever Pak were the top gainers increasing by Rs 153.52 and Rs 61.14 to close at Rs 3223.96 and Rs 4788.83, respectively while Wyeth Pak and Bhanero Tex were the worst losers declining by Rs 20.00 and Rs 7.17 to close at Rs 950.00 and Rs 250.00, respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that unchanged interest rates, at least for couple of months, settlement of issues pertaining to taxes on textiles export, and sentimental impact of the likely visit of Prime Minister Gilani to India, kept the momentum positive, under the lead of fertiliser and textile stocks.
The positive opening during the early hours on back of dividend yielding stocks available at low multiples followed by various mid-tier stocks allowed the index to stay in the consolidation phase, however high priced stocks did invite fresh float of strength, support by the local corporate and retail participants in dividend yielding main board stocks kept the bears off the arena those could have entered on back of high priced stocks, low turnover and stagnation in post early trades, disallowed day traders from active trades, while lack luster made the renewed buyers to wait for dips.