Pakistan Stock Exchange (PSX) Wednesday witnessed a healthy recovery on the back of fresh buying in almost all sectors.
The benchmark KSE-100 index registered a gain of 457.93 points and closed at 48,992.16 points. The market opened on a positive note and the index crossed 49,000 psychological level to hit 49,048.86 points intra-day high level.
However, it could not sustain this level due to profit-taking in select stocks at the fag end. Trading activity also improved as daily trading volumes on the ready counter increased to 234.954 million shares as compared to 228.603 million shares traded Tuesday.
The market capitalisation increased by Rs 95 billion to Rs 9.714 trillion. Out of total 406 active scrips, 307 closed in positive, only 89 in negative while the value of 10 stocks remained unchanged.
Aisha Steel Mill was the volume leader with 15.262 million shares. It increased by Rs 1.14 to close at Rs 24.60 followed by TRG Pak that surged by Rs 2.66 to close at Rs 58.64 with 14.190 million shares. K-Electric gained Rs 0.08 to close at Rs 9.61 with 9.348 million shares.
Hinopak Motor and Millat Tractors were the top gainers with Rs 75.50 and Rs 57.52, respectively to close at Rs 1,585.50 and Rs 1,207.98. Rafhan Maize and Wyeth Pak were the top losers with Rs 220.00 and Rs 190.00, respectively to close at Rs 7,580.00 and Rs 3,610.00.
Ahsan Mehanti at Arif Habib Corporation said that stocks showed major recovery in scrips across the board after SECP/PSX chief affirmations on stable market conditions and new measures for investor protection. He said surge in global stocks, higher global crude prices, reports of rising urea sales and surge in local POL prices played a catalyst role in bullish close.
Nabeel Haroon at JS Global Capital said that bullish sentiments dominated the day as investors came in to accumulate new positions after joint press conference by PSX and SECP chairmen in which they stated in house financing is not concerning and they are taking regulatory measures to ensure small investors’ protection.
The index gained around 458 points to close at 48,992 level. Scrips that took major beating in the recent bear run were the major gainers of the trading activity.
HASCOL (up 0.86 percent) gained to close in the green zone as the company clarified that there is no truth in the ongoing market rumour that claimed the company lost an arbitration case in UK.
Investor interest was seen in automobile sector as it gained to close (up 3.1 percent) higher. HCAR (up 4.57 percent) and MTL (up 5.0 percent) were among the major gainers of the automobile sector.
ISL (up 4.55 percent), INIL (up 4.42 percent) and STCL (up 3.04 percent) extended their previous day gain on the back of the news that LHC has not granted stay order on antidumping duty to importers.
Investor interest was seen in both the gas utilities SNGP and SSGC, as they gained to close on their respective upper circuit.