Stocks gain 340 points on value-hunting
KARACHI: Stocks snapped three-session losing streak as the KSE-100 index recovered 339.79 points (0.98 per cent) and settled at 34,995.91. During the intraday trade, the index crossed 35,000-mark.
On the political front, slight thaw was noticed which encouraged investors to lap up value stocks available at discounted prices. Participants were also tempted to begin cherry-picking in an oversold market as whispers of early activation of market support fund made rounds.
Recovery in global crude prices and surging remittances data in May’19 played a catalyst’s role in bullish close.
Trading kicked off on a positive note with the index making intraday high by 405 points. In late hours, it came under selling pressure when briefly dipped to intraday low by 10 points.
Exploration and production sector took cue from rising crude prices and were further helped by Iran’s taking down of US drone. Banks were also gainers while sector-wise, fertiliser companies led the charts with an addition of 69 points. Cement was strong on recent hike in prices per bag as main players Lucky and DG Khan showed upward price movement.