Late buying on dips supported the KSE-100 index on Friday to close in positive at 11,684.23 points with a gain of 31.69 points with low volume. After positive opening, the market remained under pressure as the investors opted for selling. This forced the index into negative zone at 11,566.79 points intra-day low level. However, the index recovered intra-day losses on the back of late buying in some select stocks. The index hit 11,715.47 points intra-day high level.
Trading remained low due to absence of retail investors and the volume at ready counter declined to 56.838 million shares as compared to 89.026 million shares traded on Thursday. Market capitalisation increased by Rs 7 billion to Rs 3.113 trillion.
Of 331 active scrips, 130 closed in negative and 108 in positive, while the values of 93 stocks remained unchanged. Lotte Pakistan PTA was the volume leader with 8.019 million shares and gained Re 0.28 to close at Rs 15.38. Jahangir Siddiqui Co inched up by Re 0.08 to close at Rs 6.75 with 4.813 million shares.
Investors'' interest was seen in the fertiliser sector. Fauji Fertiliser Bin Qasim, Fauji Fertiliser Co (FFC) and Engro Corp increased by Re 0.80, Rs 2.91 and Rs 1.98 to close at Rs 40.94, Rs 141.62 and Rs 197.35 with 3.961 million shares, 3.370 million shares and 1.605 million shares respectively. Azgard Nine inched up by Re 0.02 to close at Rs 6.78 with 2.987 million shares. NBP declined by Re 0.64 to close at Rs 54.26 with 2.387 million shares. Arif Habib Corp lost Re 0.08 to close at Rs 23.49 with 2.245 million shares. DG Khan (R) decreased by Re 0.25 to close at Rs 4.96 with 1.374 million shares. POL gained Re 0.18 to close at Rs 322.91 with 1.281 million shares.
Nestle Pakistan and HBL were the highest gainers, increasing by Rs 76.56 and Rs 4.16 to close at Rs 3551.37 and Rs 125.16 respectively, while Unilever Pak and Wyeth Pak were the worst losers, declining by Rs 61.35 and Rs 42.59 to close at Rs 4976.25 and Rs 958.82 respectively.
Ahsan Mehanti at Arif Habib Investments said that the market witnessed some pressure in initial hours. However, institutional and foreign interest over expectations for record corporate earnings announcements in blue chip banks, oil and fertiliser sector in the oversold market supported the market to close in positive with gains. He said that higher local cement, fertiliser and oil prices also invited fresh buying in the relevant stocks and played a catalyst role in positive close in the earnings announcement session despite concerns for rising circular debt in Pakistan energy sector.