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Stocks rise 113 points on value-hunting

Updated July 10, 2019

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After three days of negative closing, investors with an appetite for risk ventured into the market to buy value stocks at bargain prices which finally saw the KSE-100 index close with a gain of 112.90 points (0.33 per cent) at 33,855.58.  — AFP/File
After three days of negative closing, investors with an appetite for risk ventured into the market to buy value stocks at bargain prices which finally saw the KSE-100 index close with a gain of 112.90 points (0.33 per cent) at 33,855.58. — AFP/File

KARACHI: After three days of negative closing, investors with an appetite for risk ventured into the market to buy value stocks at bargain prices which finally saw the KSE-100 index close with a gain of 112.90 points (0.33 per cent) at 33,855.58.

The market took off to a positive start and the index spiralled upwards to touch intraday high by 308 points as investors took courage on release of further details concerning the International Monetary Fund package and the Asian Development Bank presser saying that it planned to support Pakistan by lending up to $10 billion for various development projects in the next five years.

But the bulls could not hold their ground and were soon driven away as the worries over the sluggish economy and the gathering storm on the political front sent investors scurrying to seek the safety of risk-free investments. All of that saw the index cede all the gains for the day and hit intraday low by 86 points in the red. Some select buying just before end of trading time enabled it to settle with moderate gains.

The volume, though up by1pc to 60.16 million, remained anaemic for the third day while value also increased by 3pc to $15.4m. Stocks that contributed significantly included Lotte Chemical, Maple Leaf Cement, K-Electric, DG Khan Cement and TRG Pakistan.

Sector-wise, exploration and production led the gainers adding 66 points as heavyweights were up in line with crude oil prices in the international market. Mixed sentiments were seen in cement where Maple Leaf and Lucky closed higher while DG Khan and Pioneer shed values.

Stocks that contributed positively to the index included Pakistan Petroleum, higher by 33 points, Oil and Gas Development 22 points, Dawood Hercules 20 points, Pakistan Oilfields 12 points and Lucky Cement eight points. On the flip side, United Bank, lower by 19 points, Engro Corporation 10 points, Indus Motor 8 points, DG Khan Cement 5 points and Shifa International 3 points.

Published in Dawn, July 10th, 2019