KSE-100 index on Tuesday surged by 155.16 points to close at 9,643.11 points on the back of strong interest of both local and foreign investors, mainly in the E&P, banking and cement sector stocks. After positive opening, the index briefly visited negative zone due to selling in some main board stocks. However, fresh buying after mid-session supported the index which crossed 9,600 points level to 9,679.53 points intra-day high.
Trading also improved and the volume at ready counter increased to 265.623 million shares as compared to 230.415 million shares traded on Monday. Market capitalisation increased by Rs 41 billion to Rs 2.794 trillion. Of 429 active scrips, 225 closed in positive and 187 in negative while the value of 17 scrips remained unchanged.
Bank Al Falah was the volume leader with 28.269 million shares and gained Re. 0.99 to close at Rs 13.58. NIB Bank increased by Re. 0.10 to close at Rs 5.54 with 22.569 million shares. Pace (Pak) lost Re. 0.97 to close at Rs 8.20 with 20.390 million shares. Jahangir Siddiqui Co declined by Re. 0.26 to close at Rs 40.00 with 16.435 million shares. PTCL gained Re. 0.55 to close at Rs 22.10 with 14.164 million shares.
Fresh buying was witnessed in E&P sector and OGDC surged by Rs 4.26 to close at Rs 111.36 with 13.365 million shares. Investors' interest was also seen in the cement sector. Lucky Cement and DG Khan Cement increased by Rs 1.29 and Re. 0.24 to close at Rs 80.25 and Rs 35.25 with 12.231 million shares and 7.919 million shares respectively.
Engro Polymer gained Re. 0.79 to close at Rs 22.55 with 8.198 million shares. Fauji Fertiliser Bin Qasim increased by Re. 0.77 to close at Rs 25.80 with 7.179 million shares. Wyeth Pak and Nestle Pakistan were the highest gainers and gained Rs 57.00 and Rs 40.00 to close at Rs 1332.00 and Rs 1260.00 respectively while Rafhan Maize and Dreamworld were the worst losers and lost Rs 46.67 and Rs 28.45 to close at Rs 1550.00 and Rs 540.60 respectively.
Hamad Aslam, Head of Research at BMA Capital Management, said that fresh buying by both local and foreign investors supported the index to register healthy gains. The investors' interest was seen in E&P, banking, fertiliser and cement sector stocks, mainly in OGDC, on expectation of upside valuation of the scrip after revision of wellhead gas prices.
He said that the investors' interest was also seen in the low priced banking sector stocks due to available attractive levels. On the other hand, some fertiliser sector stocks also invited fresh buying.