KARACHI: The stock market managed to extend the recovery for the second day on Thursday, which was the last trading day before Eid holidays, with KSE-100 index logging gains of 857.85 points (1.89 per cent) to close at 46,332.31.

The index accumulated 1,358 points in two days erasing 3.14pc from the losses of 15.97pc that the index had suffered until Tuesday since hitting its intraday all-time high of 53,124 points on May 25.

The volume was 294 million shares, down from 346m shares a day earlier. The traded value also decreased to Rs13.3 billion from Rs16.6bn.

Leading contributors to the volume were KE, TRG and BOP (R) accounting for 34pc of the day’s total volume. Foreigners made net purchases of $1.75m worth shares, which followed heavy net inflows of $9.25m a day ago.

“All sectors contributed to the positive trend with commercial bank heavyweights cumulatively contributing 217 points to the index. HBL gained 2.81pc, UBL 0.97pc and MCB 1.98pc,” stated JS Global.

Lucky Cement was up 4.27pc and NML hit upper circuit on the back of news that three companies have received approval to set up car assembly plants, including Lucky Cement, United Motors and Nishat Group.

ASTL closed on its upper circuit on the back of news that NTC imposed definitive anti-dumping duty of 24.04pc on CC billets imported from China for a period of five years.

Other big gainers were Engro rising by 3.44pc, FFC 4.99pc and DAWH 5pc. From the sector perspective, material rose 2.94pc, industrials 2.80pc and financials 1.96pc.

On technical charts, the index was seen to have staged extended gains from the previous session and tested resistance at 46,486. Any further upside could face next resistance at 46,823.

Published in Dawn, June 23rd, 2017