The KSE-100 index ended the day up by 157 points amid an all inclusive rally and broad based participation from local institutions. Bulls continued to march northward as the recent rally has stacked up 417 point (3.8 per cent) in the last four consecutive sessions at the benchmark index. Investor participation has also gained strength with 87 million shares traded during the day.
The KSE 100 index closed at 11319.15 levels with the gain of 156.76 points, while KSE 30 index gained 203.88 points to close at 10880.77 levels. All Share index closed at 7857.94 levels after gaining 104.71 points. Total 153 scrips advanced 91 declined and 121 remain unchanged out of total 365 scrips traded.
NBP hit its upper circuit breaker over renewed buying interest from local institutions as the stock offers attractive 2011 dividend yield of 18 per cent. While among fertiliser stocks, ENGRO closed up 4.9 per cent over news that turnaround on Qadirpur gas field was completed in 5 days instead of 28 days and that gas supply to ENGRO has also been resumed. NML also closed up 5.0 per cent after announcing better then expected FY11 Earning Per Share of Rs13.78, along with a final cash dividend of Rs3.30/share. Among Exploration and Production companies, Pakistan Oilfields Limited jumped 2.6 per cent over expectations of better earning and payout in its full year result to be announced on September 11, 2011. Investor’s revived optimism in ENGRO owing to the restoration of gas supply to EnVen and attractive valuation pushed scrip near circuit breaker yet again. Upbeat sentiment from the rally in Attock oil group’s stocks owing to healthy earning expectations quickly spilled over onto other oil and gas sector stocks as well. Since local bourse has retraced significantly from the low of recent bearish spell, correction might be forthcoming, said Salman Vidhani at HMFS.
