Investors were encouraged by the volumes which were 30pc higher in terms of shares and 13pc in value traded. However, Bank of Punjab and Fauji Cement saw brisk activity so that the two together contributed 30pc to the day aggregate volume. Both stocks hit their upper circuit.
The market capitalisation based KSE-30 index gained 151.17 points or 0.84pc to 18,227.72. Market capitalisation saw addition of Rs47 billion to reach Rs5.760 trillion.
There were some concerns earlier in the day over the skirmishes with India on the eastern border. But as shares across the board started to climb, investors threw caution to the winds. Oil and gas, banks and particularly cement stocks caught investor interest. Fauji Cement and Cherat Cement closed at their upper circuit.
The ongoing results season that is set to unveil end-June earnings and payout of at least half a dozen big ticket companies during the week, was the major trigger for the market. The investors also went into buying early in the week, as it would be a shorter trading week with the market remaining closed on Wednesday, Aug 14 on account of Independence Day.
Many investors who had sidelined in the holy month of Ramazan, re-entered to build the portfolio, which explained the across the board rise in stock prices.
The data released by the National Clearing Company of Pakistan showed net foreign inflow of $0.76 million on Monday. Among the local participants, companies were the major net buyers of equity worth $2.04m on Monday. Banks also purchased shares valued at $0.97m. However, mutual funds, individuals and other organisations, offloaded shares worth $ 0.80m; $1.60m and $1.37m, respectively.
Activity was widespread with 378 stocks coming up for trading on Monday. Gainers at 251 were far ahead of the losers at 108. Another 18 stocks closed unchanged. Turnover on Monday stood at 250m shares, up 30 per cent over the previous trading session volume at 175m shares. Trading value was up by 13pc to Rs9.923bn, from Rs8.762bn on the last trading session.
The highest gains were noted in Wyeth Pak, up by Rs111.21 to Rs2335.48, followed by Rafhan Maize higher by Rs74.95 to Rs5,199.95. On the declining side, Nestle came under selling pressure with price down by Rs50 to Rs6,250.
On the 10-top traded list, stock in Bank of Punjab saw hefty volume of 52m with the share closing 94 paisa up to Rs14.62. It was followed by Fauji Cement with volume of 24m shares up by Re1 to Rs15.95. National Bank of Pakistan stood third in terms of volume at 17m shares; the stock shed 24 paisa to Rs57.09; PTCL rose 23 paisa to Rs27.09 on turnover of 11m shares; NIB Bank with volume of 10m shares was off 3 paisa to Rs2.67; Lafarge Pakistan, the second tier cement stock gained 50 paisa to Rs9.93 on 9m shares; Sui Southern Gas pipelines saw hefty gains of Rs1.07 to Rs26.10 on 8m shares. Maple Leaf Cement, another second tier scrip, that is of considerable interest to punters and day traders saw price rise of 57 paisa to Rs30.55 on 7m shares. JSCL was up by 36 paisa to Rs12.29 on 6m shares and Engro in late buying frenzy saw its price scale by Rs2.71 to Rs148.77 on 6m shares.
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