KSE index posts fresh gains

After two days of consecutive negative closing, the KSE-100 Index on Thursday managed to post fresh gains due to splendid performance in the banking sector.
Although, the index was up by 28 points compared to last day, the inherent sentiments were weak, which was evident from selling pressure in major scrips.
The selling pressure continued on Thursday after the market opened on a positive note and climbed to the day''s highest level of 12175 points. However, last hour''s profit-taking pushed the index to come down sharply.
The KSE-100 Index closed at 12076, up by 28 points or 0.23 percent compared to 12048 during the last session. Trading volume was, however, down by 7.7 percent to 302 million shares against 328 million shares yesterday.
While at the end of the session, the banking sector emerged as triumphant, oil and gas exploration scrips came under selling pressure. OGDCL, PPL and POL closed 2.3, 2.2 and 3.2 percent lower, respectively, to their respective intra-day highs at Rs162, Rs289 and Rs684.
Oil and gas marketing scrips were also no exception to the selling pressure in the last hours as Attock Petroleum, PSO and Shell Pakistan were down by Rs3.70, Rs3.35 and Rs18.75, respectively.
Banking scrips were fuelled following exceptional NIT earnings. NBP, MCB, BoP and Faysal Bank posted increments at Rs2.25, Rs6.25, Rs1.85 and Rs1.50, respectively whereas UBL closed at is upper limit on exceptional 1Q/FY06 earnings.
Cement sector remained in the negative zone as DG Khan Cement, Lucky Cement and Maple Leaf Cement decreased by 0.6, 1.3 and 0.8 percent, respectively. However, Fauji Cement and Pakistan Cement managed to post marginal increments at Rs0.20 and Rs0.25, respectively.
According to analysts, banking sector contribution mainly help the index to land in positive column with major contribution from UBL, a non-pivotal scrip that contributed almost 20 points to the index with its upper circuit closing.
However, no news or rumour was around during the day, they said, but it is the consolidation of the Index or profit-taking by punters, that has resulted in the decline in late hours, but the index manage it to sustain above the 12,000 points level.
OGDCL, MCB, Fauji Fertiliser, Pak Petroleum, Pak PTA, PTCL, National Bank remained the volume leaders on Thursday. In all 191 scrips depicted gains, 160 fell while 36 remained unchanged.