People sit next to a monitor displaying stock prices during a trading session at the Pakistan Stock Exchange in Karachi, Pakistan, on Monday, July 9, 2018. The Pakistan economy is in distress. How else to describe an emerging market that has seen three currency devaluations since December, depleted its foreign-currency reserves and may soon ask for a bailout from the International Monetary Fund, less than two years after its last $6.6 billion emergency cash infusion. Photographer: Asim Hafeez/Bloomberg via Getty Images

It opened positively and remained bullish for all of the day with the index hitting intraday high by 562 points. The benchmark roared past the 40,000-level in morning. Traders are of the view that investor’s greed of making gains overcame the political scenario. In total out of 411 active issues, 240 gained and 155 were losers.

Among sectors, exploration and production stood out as major gainer with all four listed scrips ending in the green on account of rising international oil prices. Cement stocks also saw gain as the news of federal government considering to release Rs270 billion for various development projects. Oil and gas sector, exploration and production stood out as major gainer with all four listed scrips ending in the green on account of rising international oil prices.

Mutual funds built fresh positions with purchases of $1.78 million after meeting the redemption requests. Some nervous unit holders calmed down after looking at return of the bull in the market and withdrew the earlier placed redemption orders.

Among sectors, exploration and production stood out as major gainer with all four listed scrips ending in the green on account of rising international oil prices. Oil and gas marketing stocks also had a field day while cement also spearheaded the buying activity as investors were encouraged by the news flow hinting at the federal government deciding to release Rs270 billion for various ongoing and new development projects under the Public Sector Development Program.

Investors also looked forward to reports of improved earnings in the upcoming Sept 30 post-coronavirus quarterly results. Brokers, banks and companies continued to pick up scrips still available at attractive valuations, while individuals who were still leveraged, sold to pay margin calls.

The volume increased 10pc over the previous day to 475.9m shares with almost of half of it contributed by mainly second tier stocks, Hascol, TRG, Maple Leaf and Bank of Punjab. Major scrip that contributed to the positive index close were identified by traders as Oil and Gas Development Company 62 points, Pakistan State Oil 46 points, Pakistan Petroleum 33 points, Pakistan Oilfields 29 points and Habib Bank 28 points. Fauji Fertiliser, Lucky Cement and United Bank were other significant gainers.

The author is a member of staff and heads the sports and business desks at The Correspondent. He mainly lives in the shadows as a ghost writer so you may have read his work and not even known it. He can be reached at asadqasim@thecorrespondent.pk

The author is a member of staff and heads the sports and business desks at The Correspondent. He mainly lives in the shadows as a ghost writer so you may have read his work and not even known it. He can be reached at asadqasim@thecorrespondent.pk

LEAVE A REPLY

Please enter your comment!
Please enter your name here