OGDC saved what could have been a dismal day at KSE by a late rally. The KSE-100 index rose 67 points to finish at 11,233 points. The index titan OGDC contributed 30 points to the day’s overall gain. Volumes continued to remain dismal as the day only saw 26.7 million shares on the trading block.
The KSE 100 index closed at 11,233.75 levels with the gain of 67.65 points, while KSE 30 index also gained 81.19 points to close at 10,749.86 levels. All Share index closed at 7,808.01 levels after gaining 42.06 points. Total 100 scrips advanced 103 declined and 89 remain unchanged out of total 292 scrips traded.
After witnessing profit taking a day earlier, the Fauji twins rebounded today while Engro continued to wallow in its misery after taking another beating today. Early morning reports of an impending rise in OMC margins also sent oil sector stocks into positive territory today. While the market ended on a positive note, the dismal volumes remain a cause of concern and with global markets still jittery, foreign help is a fading dream at this point, said Ali Hussain, Sr. Investment Analyst at (HMFS).
Accumulation in dividend yielding fertiliser stocks of Fauji group and exploration numbers led speculative activity in POL, while increase in OMCs margins (besides disallowing the benchmark from undergoing unprecedented decline) did offer various trading opportunities to investors.
Caution is advised because there are still numerous threats to the upward mobility of the stock exchange said Hasnain Asghar Ali at AzizFidahusein. Stocks trading at low and sustainable multiples can be looked for accumulation of dips, while those stocks which continue to feel the heat of the unattended issues (such as gas curtailment, high debt portfolio, increasing input cost, and declining export and local demand, circular debt and mismanagement of assets) should be avoided despite syndicate led price movement, he added.
