KARACHI: Share prices rebounded on Wednesday after four days of losses, with the KSE-100 index surging by 927.63 points (2.21 per cent) to settle at 42,910.79.

Equities gained primarily because of attractive valuations, analysts at Insight Securities said, adding that stocks rose in spite of the United States taking a harsh stance with respect to Pakistan’s role in combating militancy in the region.

Buying interest was mainly witnessed in dollar-stream revenue stocks, such as textiles and exploration and production, in view of the anticipated rupee devaluation, it added.

National Clearing Company of Pakistan Ltd reported foreign investors were net sellers of equities worth $2.8 million. Brokers also sold shares amounting to $2.9m on a net basis.

Individuals and mutual funds were net buyers of $4m and $2m, respectively.

The traded value decreased 23pc to Rs9.3 billion from a day ago while the volume also shrank 23pc to 166.7m shares.

“The market opened positive and quickly edged up in early trade as index names fetched interest from local institutions. All major sectors, including the lagging cements, bounced back while mid- and small-cap plays also closed higher,” said analysts at Elixir Securities.

Shares of 314 companies rose while those of 71 declined.

Habib Bank rose 3.2pc, Engro Corp 3.1pc, Sui Northern Gas Pipelines 5pc, Pakistan State Oil 3.8pc and Hub Power 2.5pc.

Bank Al Habib reported 80pc earnings growth in April-June because of higher capital gains on Pakistan investment bonds during the quarter. Its share price increased 4.3pc to Rs57.91.

TRG Pakistan was the volume leader with 14.3m shares, followed by Azgard Nine 12.7m shares, Aisha Steel Mills 8.7m shares, Pak Elektron 7.1m shares and Power Cement 5.8m shares.

Published in Dawn, August 24th, 2017