KARACHI: Prime Minister’s anticipated injection of Rs 20 billion worked perfectly well to bring back the bulls at the Pakistan stock market on Monday with the benchmark KSE-100 Index gaining 945 points, or 2.37 percent, to close at 40,791 mark. Equities managed notable comeback after days of lull as market cheered and pinned hopes on a support package for equities by the government on request of brokers and investment community, commented analysts at Elixir Securities. “After a week’s lull, Pakistan equities managed to stage a comeback as market participants cherished the announcement of a possible support package by Prime Minister for revival of stock market. According to news reports, a delegation of PSX officials, stock brokers and representatives from Mutual Fund industry met with PM over the weekend and recommended to inject Rs 20 billion worth of fund into PSX to reignite the market. Resultantly, the market gained 2.4%, up 945 points to close at 40,791 index level”, Topline securities reported. However, the turnover did not match with the excitement as only $57 million worth of shares changed hands on KSE All shares against the average of $59 million last week, indicating cautious optimism by players. Despite reports of select foreign buying, selective interest was witnessed with recent laggard index names across Cements, Oils and Banks leading the contributors table while most volumes were in penny names on possible retail churning. Top 10 Index point contributors were OGDC (+3.4%), ENGRO (+4.7%), LUCK (+5%), POL (+3.3%), PPL (+2.3%), PSO (+4.1%), DAWH (+5%), SNGP (+5%), HBL (+1.3%) and MCB (+1.8%); adding 428 points while JDWS (-3.9%), KTML (-1.2%), OLPL (-2.1%), GADT (-1%), KAPCO (-0.7%), POML (-0%), PMPK (-0%), PICT (-0%) and PAKT (-0%) withheld 11 points. E&Ps gained 158 points as Iraq-Kurdistan conflict and fears of new Iran sanctions drove up oil prices; Fresh buying was seen in the cement sector as chatter of a possible meeting among cement producers in upcoming days to keep firm pricing surfaces – the sector gained 14 points. Banks and Fertilizer sectors cumulatively gained 252 points. Volumes were led by Chakwal Spinning with 11 million shares traded followed by Aisha Steel Mill 6.6 million, TRG Pak 5.5 million, B.O. Punjab 5 million, and K-Electric 4.9 million. According to equity analysts for continuation and momentum to push market past resistances on the upside, positive news flow over support fund will have to flow through in days ahead given noise on political front and concerns on macros. Published in Daily Times, October 17th 2017.