Healthy buying supported the benchmark KSE-100 index to breach 7,500 psychological level to hit 7,503.32 points intra-day high level on Thursday. The local institutions and retail investors joined the rally following the continuous foreign investors' interest at the local bourses and the index finally closed at 7,498.34 points level, with a healthy gain of 227.62 points.
The continuous inflow of foreign portfolio investment in the country's equity market during the last couple of weeks and a cut in NSS rates encouraged the local investors to join the rally, analysts said. Trading activities also improved as the volumes at the ready counter increased to 195.946 million shares as compared to 104.614 million shares traded on Wednesday.
The overall market capitalisation increased by Rs 63 billion to Rs 2.213 trillion. Out of the total 296 active scrips, 196 closed in the positive and 84 in negative while the value of 16 scrips remained unchanged. DG Khan Cement was the volume leader with 23.893 million shares and gained Re. 0.05 to close at Rs 30.55. Lucky Cement increased by Rs 2.39 to close at Rs 61.54 with 11.662 million shares. PTCL closed at Rs 17.87, up by Re. 0.22 with 14.617 million shares.
Fresh buying was witnessed in the E&P sector, as OGDC and POL surged by Rs 3.53 and Rs 7.38 to close at Rs 83.81 and Rs 156.35 with 13.589 million shares and 5.800 million shares respectively. Jahangir Siddiqui Co increased by Rs 1.11 to close at Rs 24.51 with 12.017 million shares. Arif Habib Sec closed at Rs 29.35, up by Rs 1.34 with 9.857 million shares.
NBP increased by Rs 3.31 to close at Rs 71.42 with 7.106 million shares. Fauji Fertiliser Bin Qasim and Engro Chemical gained Re. 0.42 and Rs 6.22 to close at Rs 18.36 and Rs 136.75 with 6.226 million shares and 5.916 million shares respectively. Unilever Pak and Attock Petroleum were the highest gainers and gained Rs 24.45 and Rs 15.46 to close at Rs 1975.00 and Rs 347.21 respectively Dadex Enternit and Hinopak Motor were the worst losers and lost Rs 3.95 and Rs 3.50 to close at Rs 75.05 and Rs 150.00 respectively.
Muhammad Sohail, leading analyst and CEO of Topline Securities, said that release of funds from ADB and expectations that funds will flow from National Savings to stocks generated buying euphoria at local bourses, mainly led by OGDC. Healthy institutional buying was seen with news of buying by foreigners in selected stocks. The stocks whose board meeting will be held soon for results remained in the limelight, he added.
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