The benchmark gained a lot of the ground it had lost in the last few days today. The KSE 100 index closed at 11,311.29 levels with the gain of 276.37 points, while KSE 30 index gained 297.02 points to close at 10,704.27 levels. All Share index closed at 7,854.23 levels after gaining 186.43 points. Total 198 scrips advanced 50 declined and 88 remained unchanged out of total 336 scrips traded.
From the onset of August, the index shed over 1,155 or 9.5 per cent by August 9, 2011, but today’s recovery may provide investors with some sort of comfort. The index was moving in a singular direction, which was inline with majority of investors after major global markets witnessed a turnaround. Mouthwatering valuations brought investors back to the market and hunt for valuable stocks before it was too late. Oil stocks followed by banking and fertiliser stocks played an aggressive role in adding points towards the index. We are still skeptical whether such volatile behavior of the market will continue to encourage investors to buy, said Bilal Asif, Head of Research at Habib Metropolitan Financial Services Ltd. (HMFS). Although some believe that because international financial conditions are not so upbeat the local market will not see any foreign investment in the near future. Major market movers of today’s session were Oil and Gas Development Company (OGDC), Muslim Commercial Bank (MCB), Pakistan Telecommunication Company (PTC), Pakistan Petroleum Limited (PPL), and NESTLE. The major gainers today were PIAA, LPCL, ANL, JSCL, and PGF. While, major losers included IBFL, SNBL, PSMC, KOHE, and INDU.
Karachi Stock Exchange on its way to recovery
