Late buying in some select stocks in fertiliser and refineries supported the KSE-100 index on Friday to register an increase of 20.04 points and to close at the level of 12,431.91 points. After opening on a strong positive note the index hit 12,571.64 points intra-day high level, up 159.77 points, on the back of aggressive buying by both local and foreign investors.
But, as the local investors opted for profit taking in the second half of the day, the index dropped into negative zone at 12,406.63 points. However, late buying in some select stocks supported the index to recover its early losses and to register modest gain.
Trading improved and the volume at ready counter increased to 202.586 million shares as compared to 183.611 million shares traded on Thursday. Market capitalisation increased by Rs 5 billion to Rs 3.363 trillion. Of 373 active scrips, 206 closed in positive and 140 in negative, while the values of 27 scrips remained unchanged.
Lafarge Pakistan was the volume leader with 36.158 million shares. However, it lost Re 0.07 to close at Rs 3.44. Lotte Pakistan PTA declined by Re 0.54 to close at Rs 14.71 with 22.431 million shares. Azgard Nine gained Re 1.00 to close at Rs 11.87 with 20.792 million shares.
Jahangir Siddiqui Co increased by Re 0.82 to close at Rs 12.22 with 12.829 million shares. Fauji Fertiliser Bin Qasim inched up by Re 0.30 to close at Rs 42.27 with 12.081 million shares. Bank Al Falah closed at Rs 11.74 with 6.706 million shares.
Nishat Mills declined by Rs 1.35 to close at Rs 67.06 with 5.304 million shares. Arif Habib Corp inched up by Re 0.01 to close at Rs 27.02 with 5.158 million shares. Fatima Fertiliser Co gained Re 0.01 to close at Rs 12.28 with 5.092 million shares. BoP closed at Rs 9.37, up Re 0.04 with 4.614 million shares.
Rafhan Maize and Unilever Pak were the highest gainers increasing by Rs 44.73 and Rs 13.62 to close at Rs 2262.71 and Rs 4602.62 respectively, while Exide Pak and Bata Pak were the worst losers declining by Rs 9.92 and Rs 7.00 to close at Rs 191.00 and Rs 640.00 respectively.
Ahsan Mehanti at Arif Habib Investments said that the index managed to close in positive due to late buying in some select stocks in fertiliser and refinery sectors on expectations of record earning announcement due next week. He said that after opening on a strong positive note the index registered triple digit gains. However, the investors opted for profit taking on that level and the index dropped into negative zone during second session.
He said that increasing country''s forex reserves to record level and renewed foreign interest in blue chip scrips in banking, fertiliser and oil sectors played a catalyst role in positive activity at KSE despite concerns for possible new taxes on corporate sector after finance minister forms committee to oversee circular debt in energy sector and economic concerns facing the country.