Index gains 15.45 points

The benchmark KSE-100 index on Thursday gained 15.45 points to close at 14,759.59 points on the back of local and foreign investors support. The foreign investors'' interest continued and they remained net buyers of shares worth $1.15 million. The market opened on strong positive note and the index breached 14,800 psychological level to hit 14,814.06 points intra-day high.
Although the investors opted for profit taking during mid session that forced the index into negative zone at 14,693.11 points intra-day low level, however fresh buying in late hours supported the index to close in positive with modest gains. Trading activities slightly reduced due to institutions cautious stance ahead of announcement of monitory policy and the volumes at ready counter declined to 75.362 million shares as compared to 85.199 million shares traded on Wednesday.
Total market capitalisation increased by Rs 3 billion to Rs 3.766 trillion. Of the total 297 active stocks, 133 closed in positive and 131 in negative while the value of 33 stocks remained unchanged. Jahangir Siddiqui Co was the volume leader with 6.063 million shares and gained Re 0.38 to close at Rs 15.11. KESC lost Re 0.22 to close at Rs 4.27 with 4.963 million shares.
In the cement sector, Maple Leaf Cement inched up by Re 0.10 to close at Rs 7.38 with 4.110 million shares while DG Khan Cement decreased by Re 0.31 to close at Rs 46.95 with 2.642 million shares. Hub Power Co declined by Re 0.41 to close at Rs 45.02 with 3.661 million shares. Nishat Mills increased by Re 0.43 to close at Rs 53.64 with 3.311 million shares.
NIB Bank and Bankislami Pakistan decreased by Re 0.01 and Re 0.48 to close at Rs 2.13 and Rs 9.02 with 3.048 million shares and 2.995 million shares respectively. Engro Corporation surged by Rs 1.48 to close at Rs 92.05 with 2.466 million shares. Quice Food declined by Re 0.94 to close at Rs 12.17 with 2.242 million shares.
Unilever Pak and Bata (Pak) Limited were the top gainers increasing by Rs 101.00 and Rs 35.00 to close at Rs 8649.00 and Rs 735.00 respectively while Mithchells Fruit and Nestle Pakistan were the top losers declining by Rs 10.00 and Rs 10.00 to close at Rs 350.00 and Rs 4090.00 respectively.
Hasnain Asghar Ali at Escorts Capital said that the gains attained initially on earnings and payout euphoria mainly in frontline stocks of E&P sector did invite profit taking by the local participants stagnation did force the benchmark to undergo an extended spell of adjustments.
Accumulation on dips not only supported consolidation, it also averted follow-up selling that is present mainly due less number of trading sessions in upcoming back-to-back weeks, likely increase in political volatility in case of judicial decision deferred at least till fag end of running month, along with gloomy economic and financial horizon has indeed kept the sideliners cautious, thus disallowing the earnings season from getting the due response.
He said existing portfolios however have been active in stock and sector swapping, since various stocks running with decent cash payouts while some ripe to come up with, besides proving trading opportunities have invited institutional flows on intraday dips, while various due to fundamental issues, have witnessed off-loading, thus keeping the equation balanced.