KARACHI: A relief rally right before the close of the market on Monday saw the KSE-100 index propel 1,051.66 points (2.33 per cent) to settle at 46,273.81.

The benchmark opened the session on a negative note as the much-awaited JIT report was scheduled to be submitted on Monday. Most market participants and analysts said the order of the Supreme Court that adjourned the proceedings until next week went well with the investors and triggered buying on attractive valuations as the index had already plunged 14.8pc from its May 25 peak.

The figures released by the National Clearing Company of Pakistan revealed that lead buyers on Monday were mutual funds who cherry- picked stocks worth $15.4 million. While individuals ditched shares worth $14.7m, the sell-off seemed to have been absorbed by the brokers’ proprietary accounts, which showed net purchases of $8.1m.

Market participation remained on the higher end with 235m shares traded against 10 days moving average of 219m shares and 78pc higher than last Friday’s volume of 132m shares. Traded value also mounted 84pc to Rs12.8 billion, from Rs7bn last trading session. Out of the 60 stocks which shed values only seven shares were index components. BOP, TRG and SMBL contributed 49m shares to the aggregate volume of 235m shares.

The top 10 index point leaders, according to Topline Securities, were LUCK up 3.8pc, ENGRO 3.6pc, PPL 4.2pc, MCB 3.4pc, HBL 1.7pc, HUBC 2.5pc, SNGP 5pc, DGKC 3.8pc, PSO 3.6pc and NML 4.6pc, adding 502 points.

Steel saw interest as ISL hit ‘upper circuit.’ “The relief rally should extend across the next few days before the feel-good factor is challenged towards the end of the week, as the next hearing date approaches,” stated Intermarket Securities.

Published in Dawn, July 11th, 2017