Index recovers 63.7 points

The KSE-100 index on Thursday recovered 63.70 points and closed at the level of 11,858.27 points on the back of fresh buying by local investors. The market opened on a positive note and the index hit 11,933.09 points intra-day high. The foreign investors, however, opted to offload their holdings and remained net sellers of shares worth $1.2 million.
Trading activity improved as the volumes at ready counter increased to 117.023 million shares as compared to 107.940 million shares traded on Wednesday. The overall market capitalisation increased by Rs 15 billion to Rs 3.175 trillion. Out of the total 344 active scrips, 150 closed in positive and 97 in negative while the value of 97 stocks remained unchanged.
Fatima Fertiliser Co was the volume leader with 10.437 million shares gaining Re 0.80 to close at Rs 13.10. Engro Corporation surged by Rs 5.23 to close at Rs 199.11 with 5.955 million shares. Lotte Pakistan PTA increased by Re 0.31 to close at Rs 15.50 with 10.165 million shares. Nishat (Chunian) inched up by Re 0.03 to close at Rs 28.06 with 6.044 million shares. Dewan Salman gained Re 0.13 to close at Rs 2.79 with 5.755 million shares. Nishat Power increased by Re 0.86 to close at Rs 17.48 with 5.576 million shares.
Arif Habib Corp gained Rs 1.06 to close at Rs 25.02 with 5.357 million shares. Pace Pak inched up by Re 0.37 to close at Rs 3.20 with 5.072 million shares. NBP increased by Re 0.75 to close at Rs 78.97 with 4.939 million shares. POL surged by Rs 8.76 to close at Rs 322.40 with 4.294 million shares.
Unilever Pak and Unilever Foods were the top gainers increasing by Rs 92.50 and Rs 52.76 to close at Rs 5049.25 and Rs 1178.90, respectively while Nestle Pakistan and Rafhan Maize were the worst losers declining by Rs 145.15 and Rs 42.67 to close at Rs 3354.15 and Rs 2749.99, respectively. Ahsan Mehanti at Arif Habib Investments said the market witnessed bullish activity after Raymond Davis release by Pakistan courts paving the way for revival of favourable diplomatic ties with the US.
He said the investor interest was seen at the low levels despite fall in Asian markets on Japan disaster impact on the world economy. He said that expectations of early release of the IMF tranche for Pakistan economic support; rise in global commodity prices and recovery in international oil prices near $100 kept investors positive in oil and fertiliser sectors despite local concerns for impact of new taxes on corporate sector earnings.