"Market recovered on expectations that interest rate would be reduced in the upcoming monetary policy," said Samar Iqbal an equity dealer at JS. She said that heavy weight OGDC increased after Economic Co-ordination Committee (ECC) approved new pricing of Qadirpur. While, large cement companies like DGKC and Lucky also witnessed some buying. LOTPTA again remained in limelight in anticipation that government may provide them duty protection, he added.
Despite positive trend thin trading activity was witnessed at ready counter and some 112.793 million shares were traded at compared to 127.047 million shares a day earlier. Trading accrued in the shares of some 359 companies, out of which 178 closed in positive and 161 in negative, while the share price of 20 stocks was remained unchanged. The market capitalisation increased by Rs 10.768 billion to Rs 4.204 trillion from Rs 4.193 trillion.
Lotte Pak PTA was the volume leader with 11.44 million shares and its price was up by Re 0.2 to Rs 7.85 per share. Share price of Jah Sidd Co lost Re 0.17 to close at Rs 17.09 with turnover of 6.3 million shares. Some 4.6 million shares of Byco Petroleum were traded and its price gained Re 0.15 to Rs 10.92. Maple Leaf Cement up by Re 0.05 to close at Rs 13.84 with turnover of 4.4 million shares.
Share price of Colony Sugar Mills increased by Re 0.71 to Rs 6.79 and it's some 3.9 million shares were traded. With some 3.8 million turnover, PTCL up by Re 0.25 to close at Rs 17.08 per share, while Dewan Sugar gained Re 0.44 to Rs 3.89 with share trading of 3.5 million. Share price of Fauji Cement mounted up by Re 0.06 to Rs 6.51 and its some 3.37 million shares were traded.
In addition, Fauji Fertiliser gained Re 0.72 to close at Rs 112.98 with trading volume of 3.35 million shares. With 2.77 million turnover, Sui Gas Com share price closed at Rs 23.84, up by Re 0.43. Nestle Pakistan Ltd and Unilever Food were highest gainers whose share prices were up by Rs 100 and Rs 62 to close at Rs 4,900 and Rs 4,200 per share respectively. While, Pak Services and Exide Pak were worst loser and declined by Rs 9.35 and Rs 8.67 to close at Rs 177.65 and Rs 293.42 per share respectively. Ahsan Mehanti an analyst at Arif Habib said that stock closed higher with investor interest across leading sectors on hopes for rate cut in SBP policy announcement on December 14.
Expectations for release of 600 million dollars of coalition support fund, higher global commodities, higher cement sales data, rising Urea and DAP offtake data and improved textile sector valuations on EU export relaxations played a catalyst role in bullish sentiments despite concerns for falling rupee dollar parity affecting foreign inflow at KSE, he added.