Pakistani stocks recovered some of their losses this week in Thursday’s trading session, with the benchmark KSE-100 index gaining 374 points, or 0.76 per cent, by the close of trading to reach 49,588.
Wednesday had seen the KSE-100 Index shed 554 points (1.1pc) as investors remained cautious over the law and order situation in the country, and the Panama Papers case's resumption sparking fresh apprehensions.
Volumes were considerably lower on Thursday than in the previous session.
88.9 million shares changed hands by the day's close, with a total worth of nearly Rs9.78 billion.
Stocks of 402 companies were traded, of which 252 gained in value, 130 declined and 20 remained unchanged.
Volumes were led by:
Aisha Steel Mill: 21.7m shares traded (+4.98pc);
Dost Steels Ltd.: 21.4m shares traded (+5.91pc);
TRG Pak Ltd: 13.7m shares traded (+2.09pc);
Dewan Cement: 13.4m shares traded (-3.12pc); and,
Inter Steel Limited: 10.3m shares traded (+0.82pc).
"The market opened on a weak note, as lacklustre activity was seen during the initial hours. However, a buying spree was observed later on as investor confidence improved as no major selling pressure was seen in the market," said Nabeel Haroon, a capital market analyst.
Haroon was of the view that overall market activity would remain volatile going forward.
The banking sector led gains, closing 0.5pc higher than its previous day close.
UBL Bank (UBL) was the major index-mover from the banking sector (+2.42pc), followed by MCB Bank Ltd (MCB) (+1.10pc) and HBL Bank (HBL) (+0.88pc).
Analyst Hammad Aman said the banking sector witnessed an upswing based on more lucrative valuations following the previous trading session. Foreign buying also pushed the banking sector upwards, he added.
Among oil and gas stocks, the Oil and Gas Development Company(OGDC) gained 1.59pc and Pakistan Petroleum Limited (PPL) rose 0.45pc on the back of crude oil prices, which rose to above $53/bbl during the course of the day.
Equity analyst Samar Iqbal discussed higher investor interest in the automobile sector, which closed 2.21pc higher.
Millat Tractors Limited (MTL) gained 5pc after the company declared better-than-expected financial results for the quarter ending Dec 31, 2016 and an interm cash divident of Rs35 per share, he said.
The above-expected result prompted wider buying in the sector, Iqbal added. Honda Atlas Cars Pakistan Ltd (HCAR) 3.56pc.
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