The KSE-100 index on Monday managed to close in positive at 12,250.00, up 18.40 points, despite a negative opening on investors' concerns over prevailing political situation in the country during early hours.
The market opened on a strong negative note and the index hit 12,156.14 points intra-day low level. However, reviving investors' interest in some selective stocks supported the index to not only recover intra-day losses but also hit 12,287.51 points intra-day high level.
Trading activities also improved as the volumes at ready counter increased to 116.09 million shares as compared to 107.14 million shares traded on last trading session. Total market capitalization increased by rupees six billion to rupees 3.191 trillion. Of the total 328 active stocks, 154 closed in positive and 91 in negative while the value of 83 stocks remained unchanged.
Jahangir Siddiqui Co was the volume leader with 28.468 million shares and gained Re 1.00 to close at Rs 8.47. Azgard Nine increased by Re 0.96 to close at Rs 5.93 with 18.953 million shares.
In the banking sector, JS Bank inched up by Re 0.63 to close at Rs 3.92 with 6.12 million shares while NBP lost Re 0.19 to close at Rs 46.35 with 2.882 million shares.
Fauji Cement and Cherat Cement gained Re 0.01 and Re 0.24 to close at Rs 4.56 and Rs 12.79 with 6.052 million shares and 3.858 million shares respectively while Lafarge Pakistan decreased by Re 0.02 to close at Rs 2.22 with 2.609 million shares.
Engro Foods declined by Rs 1.87 to close at Rs 35.68 with 3.874 million shares.
Descon Oxychem increased by Re 0.68 to close at Rs 5.21 with 3.551 million shares. Pak Elektron surged by Re 1.00 to close at Rs 5.94 with 3.405 million shares.
Unilever Pak and Unilever Foods were the highest gainers increasing by Rs 240.7 and Rs 50 to close at Rs 5553.47 and Rs 1,750 respectively, while Indus Dyeing and Services Industries were the worst losers declining by Rs 18.65 and Rs 7.42 to close at Rs 356.1 and Rs 194.58 respectively.
Ahsan Mehanti at Arif Habib Corp said that stocks closed higher at KSE amid trading in narrow range with lower trades after Supreme Court bench framed charge against PM Gilani for non compliance on NRO implementation.
He said the institutional support on strong valuations in banking, fertilizer and oil stock helped the index recover from its day low despite uncertain political outlook and fall in rupee value.
The investors remained hopeful ahead of formal notification on CGT issues at KSE and Monetary Policy announcement by SBP on February 11 was according to the investor expectations, he added.