KSE index recovers 157.78 points

The KSE-100 index on Tuesday recovered 157.78 points to close at 9,569.07 points level on renewed buying by both local and foreign investors, mainly in the banking and energy stocks. After opening in positive, the market witnessed selling pressure due to investors'' cautious stance, which forced the index into negative zone to hit 9,373.30 points intra-day low, down 37.99 points.
However, fresh buying supported the index to recover its early losses and the index hit 9,645.12 points intra-day high, up 233.83 points. But due to profit taking in some select stocks minimised the gains. Trading volume at ready counter increased to 221.458 million shares as compared to 211.600 million shares traded on Monday.
Market capitalisation increased by Rs 41 billion to Rs 2.769 trillion. Of 416 active scrips, 244 closed in positive and 154 in negative while the value of 18 scrips remained unchanged. Jahangir Siddiqui Co was the volume leader with 24.241 million shares and gained Rs 1.06 to close at Rs 39.06. Arif Habib Sec increased by Rs 2.38 to close at Rs 50.37 with 19.015 million shares.
Bank Al Falah, NIB Bank, NBP and UBL surged by Re. 0.58, Re. 0.17, Rs 3.91 and Rs 2.73 to close at Rs 14.65, Rs 5.73, Rs 85.34 and Rs 63.54 with 20.973 million shares, 8.894 million shares, 8.045 million shares and 7.764 million shares respectively.
Pak PTA gained Re. 0.58 to close at Rs 5.87 with 15.825 million shares. Selling pressure continued in the cement sector as Lucky Cement lost Rs 2.12 to close at Rs 70.96 with 8.811 million shares. Investors'' interest was witnessed in the E&P sector, as OGDC surged by Rs 1.34 to close at Rs 108.17 with 6.932 million shares. PTCL gained Re. 0.27 to close at Rs 20.43 with 5.577 million shares.
Nestle Pakistan and Unilever Pakistan were the highest gainers and gained Rs 47.51 and Rs 27.88 to close at Rs 1249.00 and Rs 2267.27 respectively while Rafhan Maize and Unilever Food were the worst losers and lost Rs 78.01 and Rs 43.89 to close at Rs 1748.00 and Rs 1300.00 respectively. Hasnain Asghar Ali at Aziz Fidahusein Co said that cautious accumulation in board stocks continued on opening mainly by the local participants, allowing the index a technical recovery. Although various stocks were available at discount from previous highs based on local strength values of certain stocks were termed expensive, thereby disallowing long-term placements.