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KARACHI: After suffering significant losses in the last two sessions in a short four-day week, the stock market on Friday witnessed an aggressive return of value-hunters, helping the benchmark KSE 100 index partially recover overnight losses.
Topline Securities Ltd said the recovery was observed as the index traded mainly in the positive zone to close at the 111,351 level, up 927.86 or 0.84 per cent.
The top contribution to the index came from Mari Petroleum, Meezan Bank, PSO, Bank Alflah and TRG Pakistan, which contributed 416 points.
TRG remained in the limelight as disclosure concerning Greentree Holdings’ (substantial shareholder) intention to buy up to 35.145pc stake in TRG Pakistan garnered investor interest.
Ahsan Mehanti of Arif Habib Corporation said stocks recovered near year-end close on a strong corporate profit outlook.
Strong rupee, reports of surging exports, higher global crude oil prices and the falling government bond yields amid thin inflation bolstered investor sentiments.
Ali Najib, Head of Sales at Insight Securities, said investors, after suffering massive losses in the last two sessions, opted to do some value buying in exploration and production, banks, oil marketing companies, technology and cement.
As a result, the trading volume rose 29.91pc to 815.92 million shares while the traded value fell 1.98pc to Rs32.91bn day-on-day.
Stocks contributing significantly to the traded volume included Fauji Foods (104.42m shares), WorldCall Telecom (74.13m shares), Cnergyico PK (40.46m shares), TRG Pakistan (40.06m shares) and Hascol Petroleum (34.62m shares).
The shares registering the most significant increases in their share prices in absolute terms were Hoechst Pakistan (Rs147.06), Ismail Industries (Rs79.71), Bata Pakistan (Rs53.65), Sapphire Textile (Rs36.86) and Faisal Spinning Mills (Rs28.83).
The companies registering significant decreases in their share prices in absolute terms were Rafhan Maize (Rs113.46), Nestle Pakistan (Rs53.11), Premium Textile (Rs27.22), Haleon Pakistan (Rs23.20) and Mitchells Fruit Farm (Rs21.44).
Published in Dawn, December 28th, 2024
