KARACHI: The market rebounded after two days of decline with the KSE-100 index recovering 825 points (2.22 per cent) and closing at 37,926.
Value-buying was witnessed in banking, fertiliser, exploration and production and cement sectors. After several days of net purchases, foreigners decided to take profit with net sale of shares worth $4.84 million, ahead of the weekend.
Among local participants, companies were the major buyers who utilised surplus cash to take long positions in blue chips that had taken a dip in the earlier two days.
The first session on Friday was up by 395 points as investors put their faith behind the State Bank policy rate statement which was to be released that evening. The bull run intensified in the latter half with the index rising to intraday high of 847 points as investors saw a thaw in the political situation.
The SBP announcement which came after the trading hours saw the policy rate unchanged as expected by most market analysts.
The volume increased 4pc to 242.7m shares, from 232.6m while traded value increased by 0.2pc to $52.2m, as against $52.1m. Stocks that led the charts included TRG Pakistan, Pak Elektron, Bank of Punjab, PTCL and K-Electric, which contributed 33pc to the total turnover.
In cement, Cherat and Pioneer closed at their upper circuits while DG Khan and Lucky also ended close to the upper limit. Within exploration and production, all three major stocks closed positive.
Furthermore, in the banking space, top three players closed with varying gains while among fertiliser, Fauji and Engro climbed higher.
Scrip-wise, major contribution upside came from Engro Corp, higher 2.49pc, Fauji Fertiliser 3.56pc, Habib Bank 2.30pc, Lucky Cement 4.27pc, Pakistan Petroleum 2.46pc, Oil and Gas Development Company 2.31pc, MCB 2.47pc, United Bank 2.08pc, Pakistan Oilfields 2.55pc and Hub Power 1.53pc.
Published in Dawn, November 23rd, 2019