Index gains 57.56 points

The KSE-100 index on Monday rose by 57.56 points and closed at 11,843.65 points on the back of continuing interest of foreign investors, coupled with local participants and institutional support. The market opened on a positive note and the index crossed 11,900 points level and hit 11,927.49 points intra-day high. However, profit taking in some select stocks, after mid-session, reduced the gains.Trading volume at ready counter reduced to 113.285 million shares as compared to 120.129 million shares traded on last trading session. Market capitalisation increased by Rs 15 billion to Rs 3.219 trillion. Of 417 active scrips, 241 closed in positive and 157 in negative, while 19 scrips remained unchanged.WorldCall Telecom was the volume leader with 10.304 million shares and inched up by Re 0.02 to close at Rs 3.21. Lotte Pakistan PTA gained Re 0.06 to close at Rs 13.23 with 7.460 million shares. Nishat Mills surged by Rs 2.35 to close at Rs 62.01 with 7.060 million shares. NBP and Bank Al Falah increased by Re 0.44 and Re 0.09 to close at Rs 10.64 with 6.576 million shares and 4.954 million shares respectively. Azgard Nine lost Re 0.13 to close at Rs 10.02 with 6.217 million shares. Dewan Motors gained Re 0.32 to close at Rs 2.52 with 4.032 million shares.PSO surged by Rs 6.72 to close at Rs 292.69 with 3.651 million shares. Dewan Salman gained Re 0.10 to close at Rs 3.22 with 3.354 million shares. Hub Power increased by Re 0.37 to close at Rs 37.26 with 2.775 million shares. Unilever Pak and Rafhan Maize were the highest gainers increasing by Rs 93.41 and Rs 78.36 to close at Rs 4548.51 and Rs 2228.00 respectively, while Nestle Pakistan and Indus Dyeing were the worst losers declining by Rs 42.54 and Rs 17.43 to close at Rs 2447.21 and Rs 331.32 respectively.Hasnain Asghar Ali at Aziz Fidahusein Co said that the earnings and payout mania was duly energised by the positive vibes from the visiting Chinese delegation, thus allowing the main board stocks to lead early gains, despite gloomy economic, financial and political environment.

However, despite substantial contribution by below par stocks, the turnover stayed on lower side.He said that although the likely impact of turnover tax to be reflected in upcoming annual results of the banking sector (in case amendments are not made) carry high chances of depressed earnings, various recoveries from large groups and expected cash and stock dividends, kept the sentiment upbeat in the banking stocks, along with fertiliser, E&P (offering currency and inflation hedge) and various groups stocks, thus offering various trading and switching opportunities to the market participants.The unprecedented inflows through offshore accounts, besides directly providing liquidity, has certainly allowed the local companies to arrange more liquidity by offloading cornered, illiquid and expensive stocks to the offshore participants and duly invest the proceeds in comparatively liquid main board stocks, thus allowing the main board stocks to invite decent turnover along with price discovery – Brecorder