Index gains 12.51 points

Profit-taking in late hours on Monday minimised intra-day gains and the KSE-100 index closed at 11,477.12 level, up 12.51 points. The market witnessed bull-run throughout the session as the index breached 11,600 points to hit 11,608.18 points intra-day high. However, the investors opted for profit taking in late hours that minimised the intra-day gains.
Trading improved slightly and the volume at ready counter increased to 45.753 million shares as compared to 42.977 million shares traded on last Friday. Market capitalisation declined by Rs 8 billion to Rs 2.974 trillion. Of 306 active stocks, 114 closed in negative and 107 in positive, while the values of 85 stocks remained unchanged.
Fauji Fertiliser Co (FFC) was the volume leader with 4.339 million shares. However, it lost Rs 1.14 to close at Rs 157.69. Fauji Fertiliser Bin Qasim and Engro Corp declined by Re 0.64 and Rs 4.45 to close at Rs 49.14 and Rs 107.84 with 2.958 million shares and 2.569 million shares respectively, while Fatima Fertiliser closed at previous day''s closing level of Rs 23.57 with 2.620 million shares.
Lotte Pakistan PTA gained Re 0.38 to close at Rs 9.56 with 3.575 million shares. Azgard Nine closed at Rs 3.26, up Re 0.01 with 3.567 million shares. Jahangir Siddiqui Co increased by Re 0.12 to close at Rs 5.19 with 3.274 million shares. NBP surged by Re 0.88 to close at Rs 41.78 with 3.068 million shares. PTCL lost Re 0.10 to close at Rs 10.14 with 1.783 million shares. OGDC gained Re 0.43 to close at Rs 157.46 with 1.701 million shares.
Colgate Palmolive and Millat Tractors were highest gainers by Rs 24.90 and Rs 16.83 to close at Rs 630.64 and Rs 388.12 respectively, while Unilever Pak and Fazal Textile were worst losers by Rs 49.76 and Rs 9.00 to close at Rs 5385.04 and Rs 235.00 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that the oversold market did continue on the recovery path, despite massive foreign outflow. The marginal recovery in regional markets along with corporate influx in Fauji stocks from fertiliser sector and that in frontline banking stocks did paint positive colours.
The targeted increase in OGDC allowed the index triple-digit rise during early trade. However, prolonged stagnation and absence of buyers, mainly in the high priced stocks, yielding low and trading at comparatively higher multiples, faced immense selling, depicting nervousness. The melt down forced the index to wipe off the gains registered during initial hours. Accumulation on intra-day discounts in select stocks, mainly those away from the visible threats, and gains in OGDC, however, did restrict the decline which otherwise would have been deep.