KARACHI -Stocks closed bullish amid thin trade led by oversold oil stocks on strong valuations. Mainly led by banking and oil stocks market gained some ground after a steep fall of 591 points in last 3 trading sessions. KSE-100 share index posted a fresh gain of 180.99 degrees or 0.64 percent to end the day at 28511.02 degrees compared to 28330.03 points of the previous day.
Ahsan Mehanti, an analyst at Arif Habib Corporation, stated the stocks closed bullish on thin trade led by oversold oil stocks on the FBR official’s statement of no growth in sales tax and bullish global stocks on strong US economic data.
The KSE-100 index closed higher by 180.99 dots, or 0.64 percent, to 28,511.02 points against 28,330.03 points recorded in the final sitting.
A dealer at KSE said PPL, MCB, PSO, and OGDC recovered on average 2pc after declining in before sittings. PSO gained after Government’s decision to immediately release Rs20b on account of circular debt. Fertilizer stocks however declined after Government announced its gas load management plans which will divert gas from fertilizer sector to power generation.
K-Electric announced initiation of of the core functions of force generation, transmission / distribution into separate entities that resulted in interest in the stock with trading of seven million parts.
Trading took place in 346 companies where gainers less than half the losers 191 to 129 while the value of 26 stocks remained intact. Unilever FoodsXD was the highest price gainer of the day up by Rs 398.99 to Rs 7676.76 followed by Hinopak Motor added Rs 20.98 to Rs 398.76. Refhan Maize SPOT and Phillip Morris Pak were the top price gainers of the day up by Rs 250 to Rs 10650 and Rs 38.79 to Rs 814.76.
Significant turnover was recorded in the stocks of Byco Petroleum, K-Electric Ltd, Pakistan Telecommunication Company Limited-XD, TRG Pakistan Ltd, Avanceon Ltd-XD, National Bank, Bank Alfalah, Summit Bank, Bank of Punjab and Lafarge Pakistan-XD.
BYCO remained the volume leader with 11m shares after announcing better than 1Q September results yesterday and it sponsors’ intention to sell their interest in the troupe. The second highest was KEL with 7m shares after announcing the introduction of un- bunching of the core roles of force generation, transmission/ distribution into separate entities. It was attended by PTCL.AXD with 6.673 million shares shed by Re 0.64 to Rs 28, TRG Pakistan Ltd with 6.619 million shares off by Re 0.03 to Rs 14.37 and Avanceon LtdXDXB with 4.884 million shares without any change settled at Rs 26.65.