Late buying mainly by local investors supported the KSE-100 index to recover 51.97 points to close at 12,369.12 points on Thursday. After a positive opening the market witnessed selling and the index dropped into negative at 12,297.52 points intra-day low level.
However, the investors' interest on dips supported the index to recover its intra-day losses and to close in positive. Trading activities, however, remained low, as the volumes at ready counter declined to 45.979 million shares, as compared to 54.808 million shares traded on Wednesday.
Total market capitalisation increased by Rs 12 billion to Rs 3.268 trillion. Out of the total 336 active scrips, 148 closed in negative and 110 in positive, while the value of 78 stocks remained unchanged. Soneri Bank (R) was the volume leader with 4.040 million shares, however lost Re 0.07 to close at Re 0.13. Dewan Salman gained Re 0.08 to close at Rs 3.04 with 3.680 million shares. Fauji Cement (R) lost Re 0.01 to close at Re 0.01 with 3.265 million shares.
PPL surged by Rs 6.12 to close at Rs 217.67 with 3.207 million shares. Lotte Pakistan PTA inched up by Re 0.03 to close at Rs 14.61 with 2.167 million shares. Engro Corp declined by Rs 3.54 to close at Rs 180.05 with 2.020 million shares. Sui Northern Gas gained Re 0.78 to close at Rs 23.48 with 1.899 million shares. Nishat Chunian Power lost Re 0.46 to close at Rs 14.75 with 1.637 million shares.
BOP decreased by Re 0.06 to close at Rs 7.06 with 1.571 million shares. Jahangir Siddiqui Co closed at Rs 7.53, down Re 0.14 with 1.371 million shares. Nestle Pakistan and Colgate Palmolive were the highest gainers increasing by Rs 42.86 and Rs 24.01 to close at Rs 3679.29 and Rs 759.01, respectively while Unilever Pak and J. D. W. Sugar were the worst losers declining by Rs 9.37 and Rs 3.95 to close at Rs 5255.83 and Rs 80.00, respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that the announcement of board meeting by PPL for special dividend, certainly pulled the local bourse from sinking, speculative buying that was duly followed by short covering and change of hands in the stock had a positive impact on value of traded shares, although the gains registered were much higher than the expected payout, the activity did inspire other stocks of the sector, swapping led sell on strength, however, restricted the gains, while turnover stayed at alarming levels.
He said that the declining trend in the international oil and equity market, dimming chances of incorporation of change proposed in CGT implementation, certainly fuelled the negativity at the local bourse, that gave a deserted look, extreme decline in turnover has pushed the KSE at virtual close, however efforts by the local participants both from corporate and high net worth corridors, did restrict the index from otherwise an unprecedented decline, most probably due to prolonged stagnation, that tends to increase pressure mainly in the high priced stocks.
The sell-off was, however, quite visible in the stocks suffering from circular debt, gas curtailment, high and expensive debt, increase in input cost and decline in export demand, although the mentioned viruses either or all have impacted the frontline stocks listed at the local bourse, even those escaping from being infected, did face low volume price erosion, however, fresh influx by the equity specific funds in the stocks, standing strong on the track of growth and offering consistent dividend yields clearly beating the low risk and risk free instruments did invite support at discounts, while benchmark found support of low volume influx in index heavy weights.