RECORDER REPORT

KARACHI: Pakistan Stock Exchange on Friday witnessed a highly volatile session after the announcement of Panama Papers case verdict by Supreme Court. The benchmark KSE-100 index dropped at 44,235.94 points, down 1,669.82 points in the intraday trade. However, the index recovered its losses on the back of institutional buying and hence the index closed at 45,912.03, up 6.27 points.

Daily trading volumes increased to 327.756 million shares as compared to 158.811 million shares traded Thursday. Out of total 364 active scrips, 218 closed in positive, 132 in negative while the value of 14 stocks remained unchanged. Foreign investors remained net sellers of shares worth $13.4 million.

Azgard Nine was the volume leader with 24.944 million shares. It gained Rs 0.92 to close at Rs 14.65 followed by Engro Polymer that inched up by Rs 0.08 to close at Rs 37.03 with 19.748 million shares. TRG Pak increased by Rs 1.61 to close at Rs 41.37 with 18.556 million shares.

Nestle Pakistan and Philip Morris Pak were the top gainers with Rs 499.00 and Rs 137.89, respectively to close at Rs 11,199.00 and Rs 2,912.89. Sanofi-Aventis and Lucky Cement were the top losers with Rs 43.64 and Rs 34.59, respectively to close at Rs 1,661.36 and Rs 711.44.

Ahsan Mehanti at Arif Habib Corporation said that the stocks closed flat amid late session recovery as uncertainty subsided after PM resignation amid disqualification verdict by Supreme Court in Panama Papers case. He said rising global crude prices, upbeat financial results in the energy and auto sectors played a catalyst role in major recovery at market close.