KARACHI: Pakistan equities closed the weekend session on a bullish note, with benchmark KSE-100 Index gaining 295 points to close at 39,080. “Stocks showed recovery amid subdued noise over geopolitical tensions. Mid-session pressure remained on concerns of UN body report indicating economic and exchange rate risks facing Pakistan impacting. Receipt of $2.5bn in Eurobond and sukuk bonds, supporting dwindling FX reserves & surging current account deficit, reports on surging fertilisers, auto & cement sales in November 2017, and rising local cement prices played a catalytic role in bullish close,” Ahsan Mehanti, senior analyst, commented. Market showed negativity during the opening but rebounded to hit day’s high of 39,339 points.149.5 million shares worth Rs 7.3 billion changed hands during the session. On week-on-week basis, the benchmark KSE-100 Index fell 2.3% or 930 points to close above the 39,000 mark, its lowest weekly close in 74 weeks. Resurgence of domestic political noise where market sensed a likely repeat of 2014-esque sit-ins by certain opposition parties given release of inquiry report, recent statements by their top politicos, and precedence already set by religious parties’ earlier sit-ins, had dented sentiments during the week. Meanwhile, Sui Co got a reality check when OGRA proposed new tariffs that may reduce their profitability. Oil prices took a mid-week dip and US gasoline inventories came in higher than expected, while PSX’s new proposals for circuit breakers also rattled retail investors, analyst at Topline Securities commented. Some respite was witnessed where rupee slipped against dollar to Rs107 and triggered some buying in hedge/export sectors like E&Ps, IPPs, textiles & tech. Stocks including HBL (-4% week-on-week), KAPCO (-14%), SNGP (-13%), UBL (-4%) and PSO (-7%) held 404pts from the index; while PPL (+4%), NESTLE (+11%), PAKT (+6%), NATF (+10%) and DAWH (+2%) added 188pts. On the sector front; cable & electrical shed 8%, OMCs & refineries were down 7% apiece; while E&Ps gained 1%, tobacco was up 4%, and food surged 7%. Foreigners bought $1.0 million during the week (against selling of $39.5 million last week). On the local front, insurance sector was net buyer of $6.4 million; whereas individuals were net sellers of $9.7 million. WorldCall Telecom topped as the volume leader with 16.5 million shares traded followed by TRG Pak 10.7 million, Sui South Gas 10.6 million, Sui North Gas 9.1 million and Pak Elektron 7.6 million. Published in Daily Times, December 9th 2017.