Index registers healthy gains

Across the board buying, on dips, by local investors and institutions on Friday supported the KSE-100 index to register healthy gain of 278.18 points to close at 11,561.67 points. Foreign investors, however, remained net sellers of shares and withdrew $1.34 million from the equity market. Trading improved and the volume at ready counter increased to 81.083 million shares as compared to 69.758 million shares traded on Thursday.
Market capitalisation increased by Rs 68 billion to Rs 3.021 trillion. Of 306 active scrips, 138 closed in positive and 86 in negative, while the values of 82 stocks remained unchanged. DG Khan Cement was the volume leader with 15.201 million shares and gained Re 0.25 to close at Rs 20.36. In the other cement sector stocks, Lucky Cement increased by Rs 2.02 to close at Rs 82.02 with 4.731 million shares.
Investors'' interest was also seen in the fertiliser sector, as Fauji Fertiliser Bin Qasim, Fatima Fertiliser Co, Fauji Fertiliser Co (FFC) and Engro Corp surged by Rs 2.13, Re 0.93, Rs 8.77 and Rs 2.49 to close at Rs 59.90, Rs 25.26, Rs 184.20 and Rs 112.60 with 6.918 million shares, 5.738 million shares, 3.668 million shares and 3.455 million shares respectively.
Lotte Pakistan PTA inched up by Re 0.10 to close at Rs 11.16 with 3.746 million shares. BoP gained Re 0.13 to close at Rs 5.77 with 3.734 million shares. Arif Habib Corp increased by Rs 1.44 to close at Rs 30.33 with 2.530 million shares. Nishat Mills surged by Rs 1.88 to close at Rs 42.81 with 2.397 million shares.
Unilever Pak and Attock Petroleum were highest gainers by Rs 147.55 and Rs 18.21 to close at Rs 5831.94 and Rs 403.75 respectively, while Wyeth Pak and Colgate Palmolive were worst losers by Rs 36.01 and Rs 25.49 to close at Rs 699.99 and Rs 534.83 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that, taking the lead from recovering regional and international commodities and equity markets, the oversold equities staged a strong comeback. The index heavyweight OGDC contributed maximum, while stocks with strong fundamentals and promising dividend and earnings growth, having least impact of visible threats in the economy, invited fresh liquidity. Besides, volumetric support on group activity allowed the mid-tier stocks to participate. He said that the rally, led by Fauji Group stocks from fertiliser sector, allowed the index to register intra-day gains of almost 2.8 percent. Although the short-covering-led gains in various high priced stocks did witness renewed selling, restricting the gains, accumulation in singled out stocks kept the sentiment upbeat.