The KSE-100 index on Thursday recovered 30.56 points and closed at the level of 9,584.37 points on the back of foreign investors and institutional support. After opening in positive territory, the index dropped into negative zone to hit 9,544.49 points intra-day low level, down 9.32 points.
However fresh buying by foreign investors and institutions supported the index to hit 9,632.04 points intra-day high level, up 78.23 points. Trading activity also improved as the volumes at ready counter increased to 63.452 million shares as compared to 45.982 million shares traded on Wednesday.
The overall market capitalisation increased by Rs 5 billion to Rs 2.683 trillion. Out of total 361 active scrips, 193 closed in positive, 149 in negative while the value of 19 scrips remained unchanged. Lotte Pakistan PTA was the volume leader with 21.225 million shares and gained Re 0.74 to close at Rs 8.26. Meezan Bank increased by Re 0.74 to close at Rs 15.00 with 7.003 million shares. In the other banking sector scrips, Silkbank and NBP inched up by Re 0.18 and Re 0.29 to close at Rs 2.84 and Rs 61.61 with 2.026 million shares and 1.136 million shares, respectively.
Arif Habib Sec gained Re 0.04 to close at Rs 23.71 with 3.697 million shares. Jahangir Siddiqui Co increased by Re 0.12 to close at Rs 10.13 with 2.445 million shares. DG Khan Cement inched up by Re 0.22 to close at Rs 24.27 with 1.969 million shares. Dewan Salman lost Re 0.01 to close at Rs 1.50 with 1.455 million shares. Nishat Mills increased by Re 0.59 to close at Rs 43.19 with 1.438 million shares. Azgard Nine gained Re 0.14 to close at Rs 9.87 with 1.147 million shares.
Wyeth Pak and Rafhan Maize were the top gainers with Rs 45.00 and Rs 23.29 to close at Rs 955.00 and Rs 1498.24, respectively while Nestle Pak and Indus Dyeing were the worst losers with Rs 15.86 and Rs 11.96 to close at Rs 1786.00 and Rs 227.54, respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said the positive opening got an extension due to expected technical bounce back, the index heavy weights however had to offer the support to the index to complete technical retracement, strength despite a technical vacuum, was tough to sustain as the main board stocks continued to invite fresh float on strength, although excitement was being pitched from the outcome of FBR-KSE meeting, which otherwise was nothing more than an orientation, the index kept the trend alive and went in the stagnation mode around midday.
He said that the targeted support by the corporate participants in the main board stocks signalling a technical recovery due to the lowest levels in recent days did continue to provide trading opportunities, concerns and repercussions of ongoing flooding on the economy and social front however kept the activity and horizon of trading positions restricted.
Since the absence of ready board leverage and stiff resistance on its early re-introduction have built-up a general consensus that multiples of main board need to come down for trading comfortably, thus disallowing a follow-up to the activity generated, mainly to create excitement amongst the regular participants.