KARACHI: Stocks posted recovery on Thursday as the market calmed down after heavy sell-off a day earlier. The KSE-100 index gained 208.32 points (0.57 per cent) and closed at 36,787.64, underpinned by hefty buying by value hunters in an oversold market.
The start of the talks with the International Monetary Fund on the sidelines of the World Bank meeting provided some comfort to investors waiting for an end to uncertainty. There was also something to cheer as the remittances received during 9MFY19 were up 8.7pc year-on-year.
The market remained on the higher side for most part of the day as the index hit intraday high of 331 points and low of 80 points.
According to figures released by the National Clearing Company of Pakistan, foreign investors, mainly the corporates, dumped stocks worth $4.55 million but these were mopped up by local institutions including companies, banks and mutual funds. Among the local participants, insurance companies were major sellers of shares valued at $1.21m. Meanwhile, individuals stayed on the sidelines.
The volume traded increased from 2pc to 143.8m shares, from 141.2m while average traded value also improved 7pc to $ 31.2m as against $29.1m the previous day.
Stocks that contributed significantly include TRG Pakistan, Fauji Cement, Maple Leaf, K-Electric and Worldcall Telecom, which formed 39pc of aggregate turnover.
Sector-wise, commercial banks added 48 points, followed by oil marketing companies and exploration and production, which cumulatively contributed 94 points. Selling pressure was observed in cement, whereby several scrips closed at lower circuit.
Major contribution to the index upside came from Oil and Gas Development Company, up 1.48pc, Pakistan State Oil 3.27pc, Hub Power 1.46pc, Lucky Cement 2.15pc and Habib Bank 0.72pc, adding 111 points. On the flip side, DG Khan, down 3.75pc, Fauji 3.33pc and Maple Leaf Cement 4.90pc took away 31 points.
Published in Dawn, April 12th, 2019