Index gains 91.81 points

Buying from both local and foreign channels, mainly in frontline banking and fertiliser sector stocks, on Monday supported the KSE-100 index to register an increase of 91.81 points to close at 11,162.39 points. The market opened on a strong positive note on the first trading day after Eid and the index hit 11,276.05 points intra-day high level.
Foreign investors were net buyers of shares worth $0.23 million, while local investors and institutions also joined the rally and took fresh positions in various stocks. Trading improved and the volume at ready counter increased to 74.192 million shares as compared to 53.056 million shares traded on last trading session. Market capitalisation increased by Rs 22 billion to Rs 2.956 trillion. Of 320 active scrips, 146 closed in positive and 94 in negative, while the values of 80 stocks remained unchanged. NBP was the volume leader with 15.300 million shares and gained Rs 1.79 to close at Rs 38.76.
Fauji Fertiliser Bin Qasim, Fatima Fertiliser Co and Engro Corp increased by Re 0.82, Re 0.39 and Rs 5.96 to close at Rs 51.30, Rs 16.69 and Rs 125.95 with 6.138 million shares, 3.233 million shares and 2.920 million shares respectively. Lotte Pakistan PTA inched up by Re 0.07 to close at Rs 11.77 with 5.441 million shares. Hub Power gained Re 0.77 to close at Rs 39.94 with 3.335 million shares.
Nishat Power lost Re 1.00 to close at Rs 14.72 with 2.908 million shares. Nishat Mills declined by Rs 1.41 to close at Rs 44.17 with 2.268 million shares. Azgard Nine gained Re 0.06 to close at Rs 4.82 with 2.020 million shares. Attock Refinery declined by Rs 1.92 to close at Rs 115.48 with 2.007 million shares.
Unilever Foods and Colgate Palmolive were highest gainers, increasing by Rs 83.13 and Rs 17.66 to close at Rs 1747.26 and Rs 626.50 respectively, while Nestle Pakistan and Unilever Pak were worst losers, declining by Rs 172.84 and Rs 156.10 to close at Rs 3508.54 and Rs 5282.50 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that led by various frontline stocks, mainly banking and fertiliser sectors, the index managed healthy gains. Accumulation by local corporate and resident participants in the frontline stocks did spark short-covering, thus allowing the stocks floating in extremely oversold region to witness recovery. Various mid-tier stocks, mainly those having support of the respective groups, did join the bull-run. Although various expensive front liners did witness offloading on strength, the index stood strong throughout the day. The popular whisper/rumour, that was supposedly the driving force, was anticipation of change in CGT implementation mechanism.
He said that declining regional and international bourses, recent downpour-led flooding in provinces, fast depleting value of the local currency, and outstanding economic and financial woes were likely to keep upside at the local bourse confined. These did compel the local corporate participants to opt for consistent dividend yielding stocks away from various threats in the economy. Although substantial rise in turnover as compared to previous sessions did allow various trading opportunities, confidence stayed on the lower side, mainly due to reservations regarding low volumes and absence of follow-up support.