RECORDER REPORT
KARACHI: The shares market ended Tuesday 130 points or 0.33 percent higher at 39,147 points from the previous 39,017 points. The benchmark index showed volatility and hit the intraday high and low of 39,196 and 38,996 points.
Trading turnover rose to 197 million shares valuing up to Rs11.47 billion compared to Rs9.77 billion of Monday.
Of the total 349 scrips traded, 157 posted gains, 171 lost their worth and that of 21 stayed unchanged. With market capital inching up to Rs7.82 trillion, the foreign portfolio investment showed a net buying of $1.4 million.
PIBT led volumes with 22.5 million shares trading each retailed higher at Rs33.11 at close. Others to follow were Dewan Cement, Pak Electron, Agritech Limited, SNGPL, Pak Refinery, TRG Pakistan, JSCL, Nishat Chunian and Dewan Motors.
Trade in futures also settled in green at 87 million contracts as against 67 million of last session.
In his comments, Ahsan Mehanti at Arif Habib Corp said stocks showed recovery led by select blue chips across the board on speculations ahead of financial results.
Pressure remained in oil stocks on falling global crude prices, he added.
“Falling government bond yields, foreign inflows and strong results in the banking sector played a catalytic role in positive close in the earnings season,” the analyst said.
JS analyst Ahmed Saeed Khan saw positivity prevailing with the index rallying around 130 points.
“The index was led by the pharmaceutical sector that rallied as news circulated that notification for increase in prices of drugs was issued by Drug Regulation Authority (DRAP), SEARL (+4.82%) and ABOT (2.08%) were the biggest index movers in the sector today,” he said.
Mixed sentiment prevailed in the banking sector where most banks stayed in the red zone, although UBL, up 2.0 percent, rallied after the announcement of its half year results which clocked in better than markets expectation.
The oil sector, he said, remained under pressure on the back of declining global crude oil prices. On the other hand, positivity was seen in the OMC sector as PSO and Shell rallied 1.53 and 3.33 percent, respectively.
“Moving forward, we remain bullish on the market,” Khan said.
