KSE index gains 61 points

The overall market sentiment remained positive as the KSE-100 index registered a net gain of 61 points on the back of the news regarding revision in gas prices and restoration of trading in Callmate shares by January.
Ahsan Mehanti of Shahzad Chamdia Securities said the news regarding widening trade deficit would result in increasing interest rates or at least the rates would remain stagnant, which would be favourable for the banking sector.
The market remained positive and gained 61 points, however, the volumes were low. Volumes were up by 38 percent to 124 million. Healthy activity was witnessed in fertiliser sector as Engro and DAWH appreciated by Rs 1.40 and Rs 10 respectively. Engro on the back of winning gas for setting up new urea plant whereas DAWH being the majority stakeholder in Engro, said Hettish Kirmani of Atlas Capital Markets.
PTCL has continuously remained in the investors' interest as it witnessed healthy volumes of 15 million shares and inched up by Rs 0.40 to close at Rs 48.
Mixed response was seen in the banking sector as price of some of the scrips appreciated significantly. Cement giants DG Khan Cement and Lucky closed in the negative zone down by Rs 0.75 and Rs 1.60 respectively whereas buying was witnessed in second and third scrips of the sector.
The red figures of trade imbalances was expected to influence the market movement, the news of a proposed increase in gas production prices, however, allowed the market men to ignore the economic numbers and let the economic managers chalk out the strategy to address the concern, said Hasnain Asghar Ali of Aziz Fidahusein.
The oil and gas exploration stocks invited healthy volumes, the index heavyweight PTC contributed to the turnover as well as index as the stock after registering an air pocket opening sustained a Rs 0.40 gain and stayed the volume invited last minute offloading thereby disallowing the index to close below its intra-day high.
Technically, the resistance of 10710-10717 stays crucial while support has improved to 10550-10557, healthy fundamentals might allow the market to consolidate with comparatively low turnover.