Fresh buying mainly by local investors on Tuesday supported the KSE-100 index to register healthy gain of 128.37 points to close at the level of 11,711.40 points. The market opened on strong positive note and the index hit 11,750.18 points intra-day high level; however, profit taking in late hours minimised the intra-day gains.
Due to active participation of local investors trading activities also improved, as the volumes at ready counter increased to 110.386 million shares, as compared to 78.866 million shares traded on Monday. The overall market capitalisation increased by Rs 31 billion to Rs 3.121 trillion. Out of the total 357 active scrips, 171 closed in positive and 98 in negative, while the value of 88 stocks remained unchanged.
Lotte Pakistan PTA was the volume leader with 18.845 million shares and gained Re 0.27 to close at Rs 16.17. In the banking sector, BoP lost Re 0.22 to close at Rs 5.97 with 8.016 million shares, while NBP inched up by Re 0.20 to close at Rs 56.90 with 3.572 million shares.
Fresh buying was seen in the cement sector, as Lucky Cement and Maple Leaf Cement increased by Rs 1.03 and Re 0.02 to close at Rs 65.89 and Rs 2.36 with 7.572 million shares and 3.492 million shares, respectively. Fauji Fertiliser Bin Qasim gained Re 0.24 to close at Rs 41.49 with 7.455 million shares. Engro Corp surged by Rs 4.02 to close at Rs 205.37 with 2.922 million shares. Arif Habib Corp inched up by Re 0.09 to close at Rs 25.02 with 3.770 million shares.
Attock Refinery increased by Rs 5.27 to close at Rs 125.07 with 2.802 million shares. POL surged by Rs 5.12 to close at Rs 326.16 with 2.734 million shares. Unilever Pak and Nestle Pakistan were the highest gainers increasing by Rs 116.03 and Rs 65.69 to close at Rs 4904.86 and Rs 3289.65, respectively, while Rafhan Maize and Siemens Pak were the worst losers declining by Rs 99.57 and Rs 23.75 to close at Rs 2300.95 and Rs 1051.00, respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that the positive opening got thorough support by the local participants, double digit dividend yielding and large cap stocks along with various mid-tier stocks having the potential of adding on values, with the support of extended wings provided through stringent version of CFS led the rally.
The rally that was thoroughly backed by decent turnover generated by the leverage players, now emerging strong due to availability of financing through Margin Trading System (MTS), the stringent version of CFS. The first cricket semi final did push the market in stagnation mode, triple digit gains however, sustained till the day end, despite off-loading in high priced stocks, on strength.
He said that the likely beneficiary of the talks between Premiers in the cricket stadium, the cement sector, incase the Indian authorities except the proposal likely to be forwarded for resumption of cement export to India, allowed the front line stocks of the sector to join the momentum along with various stocks either high dividend yielding stocks safe form wrath of economic calamities or those trading way below the recent highs.