Index touches 17-month high

Bullish trend continued at the share market on Friday and the KSE-100 index closed above 10,000 points level after 17 months, mainly on the back of strong foreign investors' interest. After opening on a positive note, the index hit 10,039.76 points intra-day high, up 160.06 points. The news of Lahore bomb blast during the session tiggered panic selling for a while and the index briefly visited negative zone.
However, continuous foreign investors' interest, mainly in heavyweight stocks, once again supported the index which closed at 17-month high level. The KSE-100 index closed at 10,025.99 points level with a gain of 146.29 points. Trading volume at ready counter declined slightly to 191.594 million shares as compared to 204.489 million shares traded on Thursday.
Market capitalisation increased by Rs 26 billion to Rs 2.868 trillion. Of 368 active scrips, 206 closed in positive and 144 in negative, while the value of 18 scrips remained unchanged. Lotte Pakistan was the volume leader with 20.035 million shares. However, it lost Re 0.04 to close at Rs 11.44. Lafarge Pakistan gained Re 0.60 to close at Rs 4.30 with 14.921 million shares.
OGDC surged by Rs 5.89 to close at Rs 125.36 with 14.173 million shares. WorldCall Telecom increased by Re 0.19 to close at Rs 4.96 with 13.388 million shares. Bank Al Falah lost Re 0.58 to close at Rs 12.08 with 12.515 million shares. NBP gained Rs 1.09 to close at Rs 98.14 with 10.286 million shares. TRG Pakistan increased by Re 0.29 to close at Rs 3.19 with 10.304 million shares.
PTCL inched up by Re 0.09 to close at Rs 20.89 with 8.473 million shares. DG Khan Cement gained Re 0.09 to close at Rs 31.16 with 8.063 million shares. Fauji Fertiliser Bin Qasim increased by Re 0.16 to close at Rs 31.55 with 7.098 million shares.
Wyeth Pak and Unilever Food were the highest gainers and increased by Rs 44.77 and Rs 37.66 to close at Rs 979.99 and Rs 1089.99 respectively, while Unilever Pakistan and Nestle Pak were the worst losers and declined by Rs 77.05 and Rs 14.00 to close at Rs 3050.02 and Rs 1203.00 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that ignoring the likely impact of the upcoming events, mainly on economic front, while some yet to resurface, the bulls continued to lead the proceedings. The pace was much higher during initial hours wherein the index heavyweights displayed strength. The sell-off on strength in the expensive stocks, however, disallowed the momentum to continue with pace. Low priced stocks continued to pour turnover, besides providing short-term trading opportunities.
He said that despite foreign inflow reported mainly in the dividend paying stocks, low yields and comparatively high multiples invited profit taking by local investors, thereby reducing the impact that was expected due to high interest shown by the offshore participants. The twin blasts in Lahore did invite pressure, forcing the index to wipe off positive numbers. Activity in the heavyweights, generated through hand change, however, disallowed the index from going into deep red, despite red numbers in various stocks.