KARACHI: The stock market staged a 458-point rally on Wednesday to close at 48,992.16, only a stone’s throw from 49,000 level.

Despite a sluggish start the bulls went on a rampage and covered the entire trading screen with green. Market participants said that the investors took heart and were comforted by the joint press conference by the chiefs of the SECP and PSX in which they stated that the regulatory measures were meant to ensure small investors’ protection.

Consensus was also believed to have developed among stakeholders and the apex regulator pertaining to resolution of liquidity constraints.

The overall volume rose by 2.6pc to 234m shares and the trading value by 33pc to Rs14.3 billion over the earlier day. The bulls tossed 51 stocks to close on their upper circuit while only 9 scrips closed on their lower limit.

Renewed interest was seen in the steel sector with all eight stocks (ASL, ISL, DSL, INIL, CSAP, ASTL, MUGHAL & HSPI) closing at or near their upper limits after rumours of an alleged stay order by a court against the imposition of anti-dumping duties on Chinese steel imports faded.

SNGPL closed at an all-time high of Rs125.53 after its half-year report mentioned that unaccounted for gas losses have been reduced to 7.75pc. Major contribution to upside came from PSO which rose 2.73pc, MTL 5pc, SNGP 4.99pc, TRG 4.75pc and PKGS 3.95pc contributing 126 points to index.

On the flip side, LUCK which fell by 0.93pc, PPL 0.91pc and HUBC 0.53pc taking away 45 points from the index, a leading brokerage house calculated.

Published in Dawn, March 2nd, 2017