A positive trend continued on Wednesday and the KSE-100 index gained 43.27 points to close at 12,369.41 points. The market opened on a positive note and the index hit 12,409.35 points intra-day high level. However, the momentum could not continue due to profit taking in some select stocks.
That forced the index to briefly visit negative zone at 12,307.99 points intra-day low level. Trading remained low and the volume at ready counter declined to 59.470 million shares as compared to 68.175 million shares traded on Tuesday. Market capitalisation increased by Rs 10 billion to Rs 3.264 trillion. Of 343 active scrips, 118 closed in positive and 118 in negative, while the values of 107 stocks remained unchanged.
Engro Corp was the volume leader with 5.246 million shares. However, declined by Rs 5.48 to close at Rs 162.46. Fauji Fertiliser Co (FFC), Fauji Fertiliser Bin Qasim and Fatima Fertiliser Co surged by Rs 4.74, Re 0.58 and Re 0.06 to close at Rs 150.79, Rs 42.59 and Rs 14.52 with 2.887 million shares, 2.377 million shares and 2.282 million shares respectively.
Lotte Pakistan PTA lost Re 0.09 to close at Rs 14.43 with 4.255 million shares. Soneri Bank (R) decreased by Re 0.05 to Re 0.02 with 3.736 million shares. Jahangir Siddiqui Co lost Re 0.03 to close at Rs 6.87 with 2.974 million shares. Attock Refinery surged by Rs 5.90 to close at Rs 129.34 with 2.857 million shares. Azgard Nine gained Re 0.06 to close at Rs 5.86 with 2.682 million shares. Byco Petroleum increased by Re 0.33 to close at Rs 9.40 with 2.570 million shares.
Nestle Pakistan and Unilever Pak were the highest gainers, increasing by Rs 177.31 and Rs 22.80 to close at Rs 4377.95 and Rs 5333.12 respectively, while Colgate Palmolive and Engro Corp were the worst losers declining by Rs 39.14 and Rs 5.48 to close at Rs 752.71 and 162.46 respectively.
Ahsan Mehanti at Arif Habib Investments said that positive trend continued at the local bourse, led by blue chip oil sector scrips on renewed institutional and foreign interest. He said that recovery in global capital and commodity markets, strong valuations in blue chip scrips on rising local commodity prices affected the sentiment at KSE amid thin trade.