Bulls return to PSX as KSE-100 Index gains 178.41 points

KARACHI: The Pakistan bourse staged a mild recovery on Friday, as the investors opted for bottom-fishing in the oversold market, dealers said.

Ahsan Mehanti at Arif Habib Limited said that the stocks showed sharp recovery, amid higher trades in oversold stocks and short coverings, as investors’ weighed robust textile exports and remittances in October 2021.

“[The] mid-session pressure remained on [the] rupee instability, slump in [the] global equities and [the] global crude oil prices. However, speculations for likely resumption of [the] IMF [International Monetary Fund] programme and receipts from [the] Saudi package played a catalytic role in [the] bullish close.”

The Pakistan Stock Exchange KSE-100 shares Index gained 0.41 per cent, or 178.41 points, to close at 44,114.16 points. The KSE-30 shares Index gained 0.56 per cent, or 94.74 points, to close at 17,034.02 points.

As many as 338 scrips were active, of which 175 advanced, 146 declined and 17 remained unchanged. The ready market volumes stood at 289.8 million shares, compared with the turnover of 310.3 million shares in the last trading session.

An analyst at Arif Habib Limited said the battle between bulls and bears was conquered by the bulls in the last trading hour.

“[The] market opened with a positive momentum, as investors perceived that the last leg of foreign selling spree was completed on the last trading day. The forecast of investors failed, as foreign selling continued and led the market back to the red territory. However, in the second session, institutional buyers started fetching value stocks due to attractive multiples, which led the market to close in [the] green zone.”

The activity continued to remain sideways, as the market witnessed hefty volumes in the third-tier stocks.

The companies that reflected highest gains included Philip Morris Pakistan, up Rs56 to close at Rs806/share; and Siemens Pakistan, up Rs43.12 to close at Rs618.12/share.

The companies, which registered the most losses included Nestle Pakistan, down Rs101.67 to close at Rs5,500.33/share; and Sapphire Fiber, down Rs59.99 to close at Rs840/share.

The highest volumes were witnessed in WorldCall Telecom with a turnover of 34.17 million shares. The scrip closed unchanged at Rs2.11/share; followed by TPL Properties with a turnover of 17.21 million shares. It gained 50 paisas to close at Rs43.23/share. Byco Petroleum remained the third with a turnover of 15.03 million shares. It shed one paisa to finish at Rs6.43.