KARACHI: Stocks staged partial recovery on Tuesday after the massive erosion a day earlier. The KSE-100 index gained 200.47 points (0.53 per cent) and closed at 38,329.13.

Besides the attractive valuations that lured investors, some positive developments also helped lift sentiments. Traders said that after several days, the positive news flow brought a bit of cheer to the market.

The receipt of $2.2 billion from China resulted in raising the foreign exchange reserves to a double-digit level after eight months at $17.58bn.

Moreover, the arrival of International Monetary Fund mission dispelled the looming uncertainties as the government declared that a bailout package was expected in four to six weeks which could form the base for next year’s budget.

Investors also expected the decline in political temperatures following the Supreme Court decision to grant bail to the former prime minister Nawaz Sharif for six weeks on medical grounds. The market hoped that the government’s focus would shift to key economic issues.

After an initial slide of 89 points, the market turned positive and investors took fresh positions in cement, fertiliser, auto and exploration and production sectors. The last one contributed the highest of 101 points to the Index as investors began to put faith in prime minister’s prognosis of a possible discovery of immense offshore oil and gas reserves.

The volume soared 53 pc over earlier day to 86.1 million shares while average traded value also jumped by 33pc to reach $25.2m. Stocks that dominated the leaders’ list included World­call Telecom, K-Electric, Oil and Gas Development Com­pany (OGDC), Fauji Cement and TRG Pakistan, which formed 38pc of total volume.

Major contribution to the index upside came from OGDC, up 2.73pc, Pakistan Petroleum 1.39pc, Mari Pet­roleum 1.88pc, Sui Northern Gas Pipelines 2.62pc and Searle Company 2pc, cumulatively adding 115 points. On the flip side, Fauji Cement, down 2.48pc, Pakistan State Oil 0.85pc and Saif Power 4.62pc took away 19 points.

Published in Dawn, March 27th, 2019

Opinion

Editorial

‘Source of terror’
Updated 29 Mar, 2024

‘Source of terror’

It is clear that going after militant groups inside Afghanistan unilaterally presents its own set of difficulties.
Chipping in
29 Mar, 2024

Chipping in

FEDERAL infrastructure development schemes are located in the provinces. Most such projects — for instance,...
Toxic emitters
29 Mar, 2024

Toxic emitters

IT is concerning to note that dozens of industries have been violating environmental laws in and around Islamabad....
Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...