The investors'' interest on dips supported the KSE-100 index to recover 70.74 points to close at 12,262.52 points level on Wednesday. The market opened on a positive note and the index breached through 12,300 psychological level to hit 12,306.86 points. Profit taking in late hours, however, minimised the intra-day gains.
Market capitalisation increased by Rs 17 billion to Rs 3.230 trillion. Of 329 active scrips, 137 closed in positive and 100 in negative, while the values of 92 stocks remained unchanged. Fauji Fertiliser Bin Qasim was the volume leader with 7.412 million shares, and surged by Rs 1.04 to close at Rs 45.46. Engro Corp and Fauji Fertiliser Co increased by Re 0.31 and Rs 3.17 to close at Rs 159.48 and Rs 155.94 with 2.265 million shares and 1.639 million shares respectively. Jahangir Siddiqui Co gained Re 0.04 to close at Rs 7.39 with 4.576 million shares. Lotte Pakistan PTA lost Re 0.21 to close at Rs 12.98 with 3.236 million shares.
BoP inched up by Re 0.07 to close at Rs 6.68 with 4.532 million shares. Bank Al Falah lost Re 0.14 to close at Rs 10.03 with 0.890 million shares. Byco Petroleum gained Re 0.09 to close at Rs 9.21 with 1.040 million shares. Ecopack inched up by Re 0.07 to close at Rs 1.27 with 0.955 million shares. P.T.C.L.A lost Re 0.36 to close at Rs 13.71 with 0.918 million shares.
Unilever Pak and Nestle Pakistan were the highest gainers, increasing by Rs 278.79 and Rs 197.95 to close at Rs 5919.99 and Rs 4193.80 respectively, while Rafhan Maize and Fazal Textile were the worst losers declining by Rs 134.47 and Rs 12.00 to close at Rs 2555.53 and Rs 310.00 respectively.
While the benchmark got low volume support of 47 points, extended by Nestle as a starter, the Fauji group stocks from fertiliser sector on the likelihood of healthy growth in earnings and payouts provided the bourse much desired trigger to otherwise an extremely dull equity market. The index did manage triple digit gains during the session. Local volume price erosion, due to absence of buyers mainly in OGDC, increased volatility in the benchmark, besides arresting the gains attained and sustained in the early half of the session, Hasnain Asghar Ali at Aziz Fidahusein Co said.
He said that the FFC and FFBL made a combined contribution of almost 25 percent to the total volume, thereby providing substantial trading opportunities to the market men. With options limited due to various threats, the stocks offering consistent dividend streams and sustaining on growth path kept the equity-specific funds cued up on dips. The momentum, however, did allow other stocks of the sector to join the momentum. Various issues likely to hit the profitability, however, disallowed follow-up. Support by respective groups allowed the sector stocks to sustain green numbers.
He said that frontline banking stocks did intend to join the rally on the propagation of increase in asset and deposit base. Curtailed local strength disappointed the rally initiators despite having the corporate support, thereby disallowing the sentiment to get translated in turnover that unfortunately continued to stay on the lower side, thereby recommending caution. Speculative activity and low volume strength in various high priced stocks, and mild increase in turnover due to hand shift on strength did provide various sectors and stocks swapping opportunities, thereby allowing across the board vibrations, he added.