KARACHI: The KSE-100 index recovered 280.36 points (0.89 per cent) and settled at 31,938.48 on the last day of July. Stocks rebounded after a fall in the early hours of trading.

Across the board positivity was attributed by market watchers to expectations of timid inflation and reversal of SBP’s policy rate in the short run. Besides, last day of the rollover week contributed to the positive investor sentiments.

An attempt by companies at “window dressing” to show lower portfolio losses on the balance sheet at July end, was also a possibility. The index oscillated between the intraday low and high aby 113 and 311 points.

The volume increased jumped 37pc to 70.1 million shares, from 51.3m while traded value also rose by 24pc to reach $16.4m. Stocks that contributed significantly included Maple Leaf, TRG Pakistan, International Steels, K-Electric and Worldcall Telecom, which formed 34pc of total volume.

Data by National Clearing Company showed foreign buying at $1.64m, taking the July net buying to $30m. Foreign buying was offset by the mutual fund sell-off in the sum of $1.53m, which carried their selling in the month to $40m.

Steel and cement sectors, which have taken the heaviest beating in the last several sessions, managed to lead the rally on Wednesday. In cement, DG Khan, Maple Leaf, Pioneer, Fauji and Lucky were the major movers while in steel, International Steels hit the upper circuit. Among Automobiles, Honda Cars and Ghandhara Nissan Industries gained the maximum for the day. Heavyweight exploration and production sector remained strong with Pakistan Oilfields, Pakistan Petroleum and Oil and Gas Development Company gaining values on the back of higher international crude oil prices.

Scrip-wise, prominent contributors upside were Engro Corporation, higher by 1.99pc, Pakistan Petroleum 2.17pc, Habib Bank 1.07pc, Pakistan Oilfield 1.74pc, Fauji Fertiliser 1.37pc, Pakistan State Oil 2.57pc and Searle Company 4.82pc.

Published in Dawn, August 1st, 2019