KARACHI: Opened on positive note, the Pakistan Stock Exchange became bearish till midday after shedding 41 points to drop to 42703 level on Wednesday.
The stocks opened on bullish day and crossed the psychological barrier of 43,000 after adding 292 points to reach 43037 in early trading.
Bears were defeated in Tuesday’s trading session at the Pakistan Stock Exchange despite tension in the political environment as the market witnessed major recovery.
Stock market opened positive and touched a high of +1,022 points as institutional participation was witnessed mainly in the main board stocks. Market remained positive throughout the day and closed at 42,745 points after gaining 1,096 points.
Positive sentiments in the market can be attributed to attractive valuations of the KSE 100-index stocks. Overall, volumes stood at 141m shares, while value traded stood at $62m. Buying was largely driven by value hunters with commercial banks heavyweights HBL (+1.99%), UBL (+2.21%), ABL (+2.47%) and MCB (+1.22%) leading the charts. E&P sector closed higher (+2.4%) than its previous day’s close as crude oil prices edged higher, staying near their strongest levels in three-and-a-half-years. POL (+5%) closed at its upper circuit and OGDC (+1.42%) and PPL (+3.67%) closed in the green.
Valued buying was witnessed in the cement sector as investors cherry-picked stocks. CHCC (+4.87%) and PIOC (+4.91%) closed near their upper circuit, while FCCL (+4.47%), MLCF (+3.92%) and DGKC (+3.09%) closed in the green zone.
