Late buying, mainly by foreign investors, in some select stocks on Wednesday supported the KSE-100 index which closed in positive at 11,848.62 points with a net gain of 23.56 points. The index remained moving both ways, between 11,877.38 points intra-day high and 11,793.08 points low due to profit taking by local investors. However, foreign interest supported the index to close in positive.
Trading remained low and the volume at ready counter declined to 93.442 million shares as compared to 116.800 million shares traded on Tuesday. Market capitalisation increased by Rs 4 billion to Rs 3.218 trillion. Of 406 active stocks, 192 closed in positive and 178 in negative, while the value of 36 scrips remained unchanged.
Lotte Pakistan PTA was the volume leader with 6.722 million shares. However, it lost Re 0.15 to close at Rs 13.23. Nishat Mills declined by Re 0.10 to close at Rs 63.25 with 6.212 million shares. NBP gained Re 0.21 to close at Rs 72.26 with 4.947 million shares. Nishat (Chunian) increased by Re 0.33 to close at Rs 23.11 with 4.320 million shares. Azgard Nine lost Re 0.13 to close at Rs 9.66 with 4.038 million shares. DG Khan Cement decreased by Re 0.09 to close at Rs 30.76 with 3.969 million shares.
PSO surged by Rs 2.95 to close at Rs 294.63 with 3.816 million shares. PPL declined by Rs 3.11 to close at Rs 215.23 with 3.639 million shares. Fauji Fertiliser Bin Qasim lost Rs 0.73 to close at Rs 35.75 with 3.476 million shares. Engro Corporation gained Rs 3.33 to close at Rs 197.34 with 2.781 million shares.
Rafhan Maize and Unilever Foods were the highest gainers, increasing by Rs 37.50 and Rs 16.90 to close at Rs 2175.00 and Rs 1045.00 respectively, while Unilever Pak and Siemens Pak were the worst losers declining by Rs 35.94 and Rs 8.83 to close at Rs 4433.06 and Rs 1251.82 respectively. Ahsan Mehanti at Arif Habib Investments said that the market witnessed mixed trend. However, foreign investors'' interest continued in oil and gas, banking and fertiliser sector scrips on strong valuations ahead of year-end close.
He said that record rise in global oil prices over $90, and bullish activity in global capital markets encouraged the investors to take fresh positions in late hours despite concerns for rising fiscal deficit and SPI inflation in the country.