Massive stock swapping in fertiliser stocks allowed the sector to lead the turnover, which has been on decline mainly due to low interest ahead of Eid holidays. Front line and mid-tier stocks continued to stay a victim of syndicated activity by the local participants both from corporate and high net worth circuit. Fauji groups stocks along with other mid-tier stock of the sector stayed under pressure, while muscle power in Engro allowed the stock to hit and sustain the maximum. Along with the active fertiliser stocks, front line cement stocks did invite trading activity mainly on the MFN declaration to India along with positive impact on financial charges due to recent decline in local interest rates.
Anticipation of likely resolution of circular debt through issuance of bonds kept the front-line banking stocks active in the trading window, while various high priced stocks from Oil and Gas sector continued to invite off-loading on strength, thus disallowing any excitement in the stocks during the session. The KSE 100 index closed at 11807.46 levels with the gain of 61.37 points, while KSE 30 index gained 82.59 points to close at 11138.69 levels. All Share index closed at 8175.56 levels after gaining 39.94 points. Total 121 scrips advanced 121 declined and 90 remain unchanged out of total 332 scrips traded.
Hasnain Asghar Ali at Aziz Fidahusein said caution however stays the call with accumulation in the fertiliser stocks away from the wrath of gas curtailment and high borrowings, official statement regarding availability of gas, as is being echoed in the local arena should await change of stance. While materialisation of official commitment of resolving circular debt and CGT review will continue to offer the desired trigger, speculative activity and low quantum strength in high priced stocks will continue to offer off-loading/short selling opportunity, he added.
