Bulls and bears lock horns as KSE 100 gains 417 points

Author: By Equities Correspondent

Pakistan Stock exchange staged a comeback rally after consistent losing streaks in the previous sessions. The bulls return to the bourse, as bears lose momentum.KSE-100 witnessed a bounce today with a gain of 417 points (1.06%) to close at 39,714 level.

The stock market remained volatile today as it opened higher, but receded by mid-day and then closed on a greener side. Presence of positive triggers was observed among investors. Irfan Saeed, Senior Vice President, BMA Capital Management noted the market rebounded following expectations over smooth reviewof IMF delegation visiting Islamabad. Mr Saeed pointed that positive sentiments were infused in the market amid investors’ speculation over FATF decision, as the financial watchdog is due to meet on February 16 to decide on Pakistan’s grey list fate.

The benchmark KSE-100 Index, which opened the day at 39,408.62, sunk to its intraday low at 39,084.86 after losing 211.84 points. The index then changed its direction and headed south to reach its intraday high at 39,985.96 (+689.26 points). It finally settled higher by 417.76 points at 39,714.46.Among other indices, the KMI-30 Index gained 1,036.84 points to end at 63,287.53, while the KSE All Share Index appreciated by 344.81 points, closing at 27,865.16.

Market participation for KSE All Share Index clocked in at 161.53 million declining 10.6%. Daily traded value stood at Rs5.27 billion.

The volume chart was led by Hascol Petroleum Limited, followed by Unity Foods Limited and TRG Pakistan Limited. The scripts had exchanged 12.85 million, 12.58 million and 11.37 million shares, respectively.

Sectors that picked up the index were Power Generation & Distribution with 91 points, Oil & Gas Exploration Companies with 89 points, Cement with 73 points, Oil& Gas Marketing Companies with 51 points and Fertilizer with 31 points.

Among the companies, most points added to the index was by Hub Power Company Limited which contributed 86 points followed by Lucky Cement Limited with 31 points, Pakistan Tobacco Company Limited with 29 points, Pakistan State Oil with 28 points and Pakistan Oilfields Limited with 27 points.

Sector-wise, the index was let down by Commercial Banks with 21 points, Investment Banks with 6 points, Automobile Parts & Accessories with 3 points, Modarabas with 1 point and Leasing Companies with 1 point.