With the curtains drawing on FY11, the bulls led today’s trading session as the index climbed 72 points to close at 12,496 points. News of a proposed 100 percent increase in feedgas prices brought the fertiliser stocks on the investors’ radar. However, instead of the usual focus on the Fauji twins, investors embraced Engro and Fatima as they are well poised to exploit a gas price hike due to their 10-year fixed gas price agreements.
The KSE-100 index closed at 12,496.03 with the gain of 72.73 points and total volume stood at 52,470,083 along with the total value of 2,655,919,133. KSE-30 index gained 25.02 points to close at 11,58649 and All Share index closed at 8,663.10 after gaining 46.56 points. A total of 112 scrips advanced, 129 declined and 88 remain unchanged out of total of 329 scrips traded.
Index titan OGDC was not to be left behind in the year’s closing credits and showed it muscle by contributing 73 points towards the daily gain. While today’s 66 million share volume was relatively mediocre, a positive ending to the fiscal year was needed to provide hope for the new fiscal year. PSO once again received a battering; closing down 1.2 percent despite rumors that the Economic Coordination Committee (ECC) was meeting to increase margins for Oil Marketing Companies (OMCs) by 40 to 60 paisas.
