Relatively calm political and law and order situation, along with fresh placements through off-shore corridors kept the local equity market on gaining grounds, although gains on the benchmark were confined mainly due to active sector and stock swapping.
Leading banking stock and frontline fertiliser, despite issues linked to high and expensive debt portfolio and gas curtailment and irregular supply, which are having an impact over earnings, enjoyed volumetric activity that soon spilled to the entire board. Post midday stagnation did restrict volatility, however, intra-day dips continued to find support to disallow benchmark from entering the red-zone at closing bell.
The KSE 100 index closed at 11322.09 levels with a gain of 2.94 points, while KSE 30 index secured 9.11 points to close at 10889.88 levels. All Share index closed at 7864.23 levels after gaining 6.29 points. 193 scrips advanced, 114 declined and 18 remain unchanged out of a total of 325 scrips traded.
The CGT has badly hit revenue generation for FBR from local equity markets due to massive decline in turnover, and has halted price discovering mechanism. The hopes along with increased activity of local corporate participants kept the local bourse on the gaining ground.
However, issues on economic and financial front include nervousness in international equity markets, fragile law and order and political front and cold attitude of various international powers and loan extending institutions. Likely repercussions of the ongoing flooding and increased downpour have indeed kept local participants on the short term trading window. Availability of buyers on substantial discounts will however invite widespread participation of short term traders, said Hasnain Asghar Ali at Aziz Fidahusein.
