Early gains wiped out

The share market on Friday opened on a strong positive note and the index breached 12,500 points level to hit 12,542.39 points. However, the investors opted for profit taking in the second half and the index dropped into negative at 12,469.13 points intra-day low level. Foreign investors remained on the selling side and withdrew $3.8 million from the market.
The index closed at 12,476.77 points, marginally up by only 2.00 points. Trading improved significantly and the volume at ready counter increased to 126.254 million shares as compared to 70.323 million shares traded on Thursday.
Market capitalisation increased by Rs 1 billion to Rs 3.289 trillion.
Of 340 active scrips, 118 closed in positive and 110 in negative, while the values of 112 stocks remained unchanged.
NIB Bank (R) was the volume leader with 59.610 million shares. However, it lost Re 0.01 to close at Re 0.01.
Fauji Fertiliser Bin Qasim gained Re 0.54 to close at Rs 47.52 with 6.442 million shares. Fatima Fertiliser and Fauji Fertiliser Co (FFC) lost Re 0.18 and Re 0.64 to close at Rs 16.95 and Rs 163.90 with 4.432 million shares and 3.951 million shares respectively.
Arif Habib Corp increased by Re 0.30 to close at Rs 28.51 with 5.048 million shares. Azgard Nine inched up by Re 0.08 to close at Rs 6.30 with 5.037 million shares.
NBP gained Re 0.13 to close at Rs 54.82 with 4.018 million shares. Jahangir Siddiqui Co inched up by Re 0.05 to close at Rs 7.50 with 3.351 million shares.
Lucky Cement and DG Khan Cement increased by Rs 1.69 and Re 0.15 to close at Rs 74.57 and Rs 23.71 with 3.416 million shares and 2.083 million shares respectively.
Rafhan Maize and Unilever Pak were highest gainers, increasing by Rs 123.04 and Rs 13.03, to close at Rs 2853.25 and Rs 5848.98 respectively, while Nestle Pakistan and Indus Motor Co were the worst losers, declining by Rs 219.76 and Rs 3.97 to close at Rs 4180.25 and Rs 206.00 respectively.
Ahsan Mehanti at Arif Habib Investment said that positive trend was witnessed in the early hours in the earnings announcements session with rising volumes after global markets showed strong recovery on Greece rescue agreed by Eurozone leaders.
He said that the investors'' interest was seen in the selective blue chip commodity scrips. The rising local fertiliser, cement and power tariff played a catalyst role in positive sentiment at KSE despite concerns for rising government debt and circular debt in Pakistan energy sector. However, the investors opted for profit taking in second half that minimised the intra-day gains and the index closed just 2.00 points up from previous day''s closing level, he added.