RECORDER REPORT
KARACHI: Karachi stocks gained 87.57 points Thursday to close at 34,397.33 points compared to 34,309.76 points Wednesday.
The rally, analysts said, was backed by recovery in the prices of stocks and commodities on international market after the US-Iran nuclear deal got congressional approval at American Capitol Hill.
“Stocks showed recovery amid recovery in global stocks and commodities after US-Iran nuclear accord approval,” said Ahsan Mehanti, a director at Arif Habib Corp.
Supported masterly by the index heavyweight oil stocks, the market saw positivity on the foreign investment which settled at $ 0.365 million on net basis.
Trading turnover surged to 260 million shares as compared to 249 million a day earlier. Analyst Mehanti said trade was led by second and third-tier scrips on speculations ahead of State Bank’s policy rate decisions later this month. “Institutional support in leveraged stocks and recovery in WTI crude prices near to $46/barrel played a catalytic role in positive close,” he said.
JS analyst Ahmed Saeed Khan saw major support in today’s session coming from the oil stocks which rallied on the back of Brent trading above $50/bbl mark.
Top performers of the sector were POL and PSO which rose 1.55 and 0.55 percent. Under pressure, the fertilizer sector saw profit-taking on what Khan said rumours that half of the urea price increase would be taken back.
The overall traded value shrank to Rs 10.45 billion from the previous Rs 10.65 billion. Most, 202, of the 383 scrips traded shed value while 167 landed in the green. Rates of 14 scrips remained unchanged.
The market capitalisation accumulated to Rs 7.433 trillion while the futures trade moved southward to close at 27.92 million contracts.
TRG Pakistan led the volumes with 18.5 million shares. Other best performers were Dewan Cement 18 million, Power Cement 13.5 million, Pakistan Bulk International Terminal 12.4 million, Pace Pakistan 11.7 million, SNGPL 11.5. million, Jahangir Siddiqui Company 10.7 million, Japan Power 10.7 million, Fauji Fertiliser Bin Qasim 10.3 million and Southern Electric 9.8 million shares.
The market observers expect volatility to prevail on Friday, last session of the week.
