RECORDER REPORT
KARACHI: Stocks showed recovery Thursday as the KSE-100 index ended 89 points higher at 38,238 points.
The benchmark index moved both ways to hit the intraday high and low of 38,265 and 38,014 points. Trading turnover declined to 114 million shares the value of which contracted to Rs 6.6 billion from Rs7.5 billion of last session.
Of the 321 scrips traded, 152 closed in green, 152 in red and 26 unchanged. The market capital accumulated almost flat to Rs7.62 trillion.
K-Electric, which depreciated in value to Rs 7.90 at close, led volumes with 12.7 million shares. Other top performing issues included Dewan Cement, Engro Fertilisers, TRG Pakistan, Dewan Motors, SNGPL, Summit Bank, Byco Petroleum, Fauji Cement and JSCL.
Trade on the futures market grew to 98 million contracts from the previous 85 million, thanks to the rollover week.
“Rangebound activity was observed in the market as the index traded between an intraday high of 116 points and intraday low of 135 points,” said Arhum Ghous of JS Research.
Ahsan Mehanti at Arif Habib Corp said stocks showed recovery amid institutional support in banking and fertilizer scrips on strong valuations.
“Pressure remained on concerns for security unrest in the city and foreign outflows,” said the analyst.
“One billion dollars World Bank package approval on Pakistan’s economic reforms and renewed investor interest in MSCI EM upgraded scrips played a catalytic role for positive close in the futures rollover week,” he added.
Some recovery was seen in scrips proposed to be part of MSCI Emerging Market Index, with MCB, Engro and UBL gaining 2.82, 1.02 and 0.04 percent.
PPL, up 0.16 percent, and POL, up 0.02 percent, gained on the back of what Arhum said material information disseminated in the market that MOL had encountered gas reserves at Tolang West-01 that PPL, POL, OGDC and GHPL have working interest.
“For tomorrow’s session we expect the market activity to remain dull as it will be the last trading of futures roll over week and expect volumes to return in the market from next week onward,” she said.
