KARACHI - KSE-100 index closed up 12 points with second tier stocks witnessing bulk of the volumes, while major blue chips closed with clipped gains. Oil stocks continued to remain out of favor which was evident from dismal volumes in Major E&Ps & OMCs, while among banks NBP showed some initial promise but received massive battering to close flattish. Fertilizer stocks witnessed decent volumes and remained highly sought after as both FFC and ENGRO advanced 0.6per cent and 14.3per cent respectively. JSCL once again witnessed staggering volumes of 26 million shares & remained the volumes leader followed by other second tier names.
Market activity was centered around third-tier stocks in today’s session as strong investor interest was witnessed in ANL, CHCC, and SILK, which combined for close to 20per cent of the total shares traded. Despite market volumes staying firm above the 100mn share mark, the KSE-100 index remains range bound as investors eagerly await the issuance of the CGT amendment SRO. The intra day market trend depicted a strong bull run in the first half as the index shot up to a 97 point gain before gradually receded due to profit taking. ABL announced its CY11 results today which were in line with consensus estimates but the announcement failed to ignite a rally in the script.
‘We expect the market to continue its range bound pattern in the near term with a potential tremor from the political side as the Prime Minister’s fate is decided by the Supreme Court,’ said Ali Hussain at HMFS.