The KSE-100 index on Wednesday gained 55.66 points and closed at 11,930.55 points due to local investors' interest on dips in some select stocks. Foreign investors, however, remained on the selling side and withdrew $0.34 million from the equity market. The market opened on a positive note and the index rose to 11,988.12 points intra-day high and remained in green throughout the session.
Trading improved and the volume at ready counter increased to 93.437 million shares as compared to 60.176 million shares traded on Tuesday.
Market capitalisation increased by Rs 14 billion to Rs 3.097 trillion.
Of 311 active stocks, 131 closed in positive and 100 in negative, while the values of 80 stocks remained unchanged.
Jahangir Siddiqui Co was the volume leader with 19.200 million shares and gained Re 0.91 to close at Rs 6.48. Meezan Balanced Fund inched up by Re 0.13 to close at Rs 9.13 with 7.411 million shares. DG Khan Cement increased by Re 0.16 to close at Rs 23.35 with 7.335 million shares. Azgard Nine closed at Rs 3.80, up Re 0.40 with 4.802 million shares.
Fauji Fertiliser Bin Qasim and Fauji Fertiliser Co surged by Re 0.76 and Rs 1.19 to close at Rs 46.87 and Rs 188.14 with 3.840 million shares and 3.827 million shares respectively. Attock Refinery lost Re 0.14 to close at Rs 120.55 with 3.624 million shares. Lafarge Pakistan decreased by Re 0.05 to close at Rs 2.04 with 3.434 million shares. F Dawood Mut Fund increased by Re 1.00 to close at Rs 2.85 with 3.279 million shares. Pace (Pak) inched up by Re 0.03 to close at Rs 1.55 with 3.115 million shares.
Nestle Pakistan and Indus Dyeing were highest gainers by Rs 122.26 and Rs 15.14 to close at Rs 3300.00 and Rs 383.86 respectively, while Service Industries and Indus Motor Co were worst losers by Rs 9.92 and Rs 4.50 to close at Rs 200.03 and Rs 219.99 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that the index on renewed buying interest, mainly in frontline stocks, continued to display strength. The turnover, however, stayed below potential since the prospective entrants, in search of successful bets, looked for discounts, mainly due to tough economic and financial outlook. The recent price hike in petroleum prices, due to local currency weakness and high levy on petroleum products, will indeed add pressure on inflationary numbers, and uncertain law and order situation kept the cautious stance in place.
He said that the stocks traded with topping of hefty stock and cash dividends, mainly the Fauji Group stocks from fertiliser sector. Despite rumour-mongering, suggesting otherwise, hey seemingly stayed as top pick of the market men, while volumetric activity in various mid-tier stocks on earnings euphoria did invite day traders for short term punts. Various front liners, on stock and sector swapping, moved with the demand/supply situation.