KARACHI, Jan 14: Stocks finished the weekend session with extended gains on Friday on active follow-up support aided by hopes of an early launching of the leverage product for the ready section lifting the benchmark index above 31-month high of 12,500 points.
The KSE 100-index closed the session at 12,533.54, up 74.10 points as leading base shares maintained their upward drive on steady inflow of investment buying.
Volume figure soared to 15-month high of 300.5m shares as dividend-aided buying support set new record at the fag-end of the week reminiscent of a bull-run. The figure is considered a viable one, which investors say ensure a fair margins.
The hopes of an early launching of much-delayed leverage product after the reports that the ministry of law has cleared the concept paper allowed investors to take fresh positions on selected counters well before its official launching, analyst Ahsan Mehanti said.
The other contributory aiding factor was reports of higher earnings, notably by some of the leading oil, fertiliser and banking shares and strong presence of foreign buying even at the higher levels, he added.
Hasnain Asghar Ali said the market talk of higher dividend including bonus shares by some of the oil sector shares generated a good bit of covering purchases as was reflected by fresh rise in the volume figure.
Samar Iqbal said active follow-up support by some of the leading foreign investors, notably on the oil sector continued to attract sympathetic local support and keeping the volume figure on the higher side.
Plus signs again dominated the list under the lead of Nestle Pakistan and Rafhan Maize, up Rs98.82 and Rs66.29 followed by prominent losers, notably Unilever Pakistan and Lakson Tobacco, off by Rs39.28 and Rs10.98.Traded volume soared to 300.5m shares from the previous 230m shares as gainers maintained a strong lead over the losers at 234 to 130, with 19 shares holding on to the last levels.
The active list was topped by Fauji Fertiliser Bin Qasim on report of higher dividend, up Rs1.91 at Rs41.03 on 31m shares followed by Lotte Pakistan, steady by six paisa at Rs10.56 on 29m shares, Azgard Nine, up Re1 at Rs10.66 on 27m shares, D.G. Khan Cement, firm by 25 paisa at Rs31.27 on 20m shares, JS & Co, up 83 paisa at Rs11.95 on 13m shares, National Bank, off Rs1.09 on 12m shares and Arif Habib Corp, higher by Rs1.35 at Rs28.54 on 10m shares.
They were followed by Fatima Fertiliser, firm by 46 paisa at Rs11.97 on 10m shares, Bank Alfalah, up 33 paisa at Rs11.35 on 9m shares and Engro Corporation, sharply higher by Rs10.37 at Rs219.68 also on 9m shares.
FUTURE CONTRACTS: Brisk activity was witnessed on this counter as all the actively traded shares turned out larger volumes reflecting some positive news by their managements, dealers said.
Fauji Fertiliser Bin Qasim higher by Rs1.87 at Rs41.21 on 2.824m shares followed by Engro Corporation, sharply higher by Rs10.51 at Rs220.74 on 1.756m shares and National Bank, off Rs1.08 at Rs78.61 on 1.454m shares.
They were followed by D.G. Khan Cement, firm by 22 paisa at Rs31.43 on 1.232m shares and Azgard Nine higher by 95 paisa at Rs10.65 on 1.212m shares.
DEFAULTER COMPANIES: The active list was led by Japan Power, up by seven paisa at Rs1.71 on 0.172m shares followed by Invest Bank, up 11 paisa at Rs0.80 on 0.131m shares and Kohat Textiles, unchanged at Re1 on 57,086 shares.