Taking the lead from recovering regional and international commodities and equities, the oversold local equities staged a strong come-back, wherein the index heavy weight OGDC contributed maximum. Having least impact of visible threats in the economy invited fresh liquidity and volumetric support on group activity allowed the mid-tier stocks to participate in the rally led by Fauji group stocks from fertiliser sector. It allowed the index to register intra-day gains of almost 2.8 per cent, although short covering led gains in various high priced stocks did witness renewed selling thereby restricting the gains, accumulation in singled out stocks kept the sentiment up-beat.
The KSE 100 index closed at 11561.67 levels with the gain of 278.18 points, while KSE 30 index bagged 308.81 points to close at 10895.09 levels. All Share index closed at 8011.64 levels after gaining 181.45 points. Total 138 scrips advanced 85 declined and 105 remain unchanged out of total 328 scrips traded.
“Inability of turnover to match sensational gains along with observations from previous bull runs of decline in turnover with increase value, that has now become a trend, will continue to irritate the handful market participants, thus keeping the holding period restricted to short term,” said Hasnain Asghar Ali at Aziz Fidahusein. “While, high temperatures on political front and gloomy economic and financial horizon will continue to question sustainability of the current run-up caution and selective, therefore, stays the call,” he added.
