The KSE-100 index on Friday gained 56.29 points to close at 12,415.35 points on the back of buying by both local and foreign investors. Although the market witnessed some pressure in early hours and the index dropped into negative zone at 12,344.34 points intra-day low level, later investors' interest supported the index to recover its intra-day losses and hit 12,442 points intra-day high level.
Trading improved slightly and the volume at ready counter increased to 131.717 million shares as compared to 123.393 million shares traded on Thursday. Market capitalisation increased by Rs 15 billion to Rs 3.355 trillion. Of 379 active scrips, 200 closed in positive and 161 in negative, while the values of 18 scrips remained unchanged.
Lotte Pakistan PTA was the volume leader with 35.364 million shares and gained Re 0.40 to close at Rs 16.38. BoP inched up by Re 0.23 to close at Rs 8.36 with 8.591 million shares. Nishat (Chunian) increased by Rs 1.22 to close at Rs 25.79 with 8.133 million shares. Azgard Nine closed at Rs 11.28, marginally up by Re 0.01 with 6.359 million shares.
Jahangir Siddiqui Co gained Re 0.07 to close at Rs 11.59 with 4.319 million shares. Sui Southern Gas increased by Rs 1.01 to close at Rs 24.91 with 4.145 million shares. Fauji Fertiliser Bin Qasim lost Re 0.01 to close at Rs 41.36 with 3.987 million shares. Engro Corporation surged by Rs 2.43 to close at Rs 221.05 with 3.380 million shares. Nimir Ind. Chemical gained Re 0.25 to close at Rs 2.21 with 3.345 million shares. Fauji Fertiliser Co lost Re 0.94 to close at Rs 150.38 with 3.098 million shares.
Rafhan Maize and Unilever Pak were the highest gainers increasing by Rs 70.88 and Rs 35.60 to close at Rs 2420.30 and Rs 4385.65 respectively, while Unilever Foods and Sapphire Fibres were the worst losers declining by Rs 54.92 and Rs 5.69 to close at Rs 1105.09 and Rs 108.21 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that while the wider market participants awaited confirmation of leverage introduction, cautious accumulation in the main board stocks allowed the benchmark to continue the gaining spree, after an initial setback. Turnover, however, failed to match the gains. Activity by holding companies along with resident participants, however, did provide various trading opportunities to the market-men, while low volumes stayed the alarming factor.
He said that the main board oil and gas exploration, fertiliser and banking stocks led the gains while LOTPTA continued to stay the main volume provider. Range-bound activity and stagnation continued to disallow aggressive follow-up support. Leverage waves, however, kept the corporate participants away from the selling window, thereby allowing the high priced stocks to register substantial gains.