Despite continuous selling by foreign investors, the KSE-100 index on Tuesday recovered 67.65 points to close at 11,233.75 points on the back of local investors' interest mainly in oil sector stocks, analysts said. "The news that the Economic Co-ordination Committee has approved margins of oil marketing companies invited fresh buying in the oil sector stocks and the market witnessed recovery despite foreign selling", they added.
After positive opening the index dropped into negative zone at 11,098.92 points intra-day low level. However, on the back of follow-up support, the index once again entered the positive zone and sustained in green till closing of the session. Trading, however, remained very low and the volume at ready counter stood at 26.768 million shares as compared to 25.904 million shares traded on Monday. Market capitalisation increased by Rs 15 billion to Rs 2.991 trillion. Of 294 active scrips, 104 closed in negative and 101 in positive, while the values of the 89 stocks remained unchanged.
Fauji Fertiliser Bin Qasim was the volume leader with 3.046 million shares and gained Re 0.91 to close at Rs 47.73 while Fauji Fertiliser Co increased by Rs 1.98 to close at Rs 155.53 with 0.843 million shares. PTCL lost Re 0.04 to close at Rs 11.47 with 1.827 million shares. NBP closed at Rs 45.57, up Re 0.01 with 1.775 million shares. Jahangir Siddiqui Co decreased by Re 0.03 to close at Rs 5.89 with 1.318 million shares. Lotte Pakistan PTA lost Re 0.01 to close at Rs 10.67 with 1.237 million shares.
POL surged by Rs 4.26 to close at Rs 348.44 with 0.954 million shares. Pakgen Power lost Re 0.02 to close at Rs 20.37 with 0.909 million shares. PSO increased by Rs 7.80 to close at Rs 237.16 with 0.823 million shares. Attock Refinery gained Re 1.86 to close at Rs 114.79 with 0.820 million shares.
Unilever Pak and Rafhan Maize were highest gainers, increasing by Rs 250.11 and Rs 133.33 to close at Rs 5615.11 and Rs 2800.35 respectively, while Wyeth Pak and Nestle Pakistan were worst losers declining by Rs 40.00 and Rs 33.66 to close at Rs 845.00 and Rs 3620.64 respectively. Samar Iqbal at Topline Securities said that the market improved on the back of positive news on the oil sector front. According to news the Economic Co-ordination Committee has approved margins of oil marketing companies. This news led a small rally in oil stocks and almost all oil stocks rallied near the end of the session.