Stocks stage sharp recovery at Pakistan Stock Exchange (PSX), amid heavy buying spree by Mutual Funds.
On Monday , the benchmark KSE-100 opened on a positive note and touched intra-day high at 45,952.45 level after gaining 1,245.69 points. However, paring some early gains the index clocked at 45,682.77 index level by the closing bell after posting a 976.01 points gain.
During the session the strong earnings announcements propelled bullish sentiments as many scrips became active namely in the Banking, Oil, Fertilizer and Cement sector.
The government’s allocation of six exploration blocks to Oil & Gas exploration companies also resulted in strong investment inflows towards the sectors, specifically Oil & Gas Development Company Limited and Pakistan Petroleum Limited
During the session Market Capital increased by Rs.141.95 billion, while total value traded also increased by 12.19 billion to Rs.23.97 billion.
The volume at KSE-100 was recorded at 204 million shares, whereas the all-share volume clocked in at about 409 million shares.
The volume chart was led by Telecard Limited followed by TRG Pakistan and Unity Foods. The scrips exchanged 55.04 million, 53.62 million and 26.43 million shares, respectively.
According to the National Clearing Company of Pakistan Limited (NCCPL) foreign investors were net sellers of $3.46 million worth of equities.
Among local investors, Mutual Funds led the buying chart, which mopped up $19.23 million, worth of equities. However, the Individuals, Companies and Banks led the buying chart and offloaded $9.26 million, $4.88 million and $2.87 million worth of equities.
During the session, sectors which lifted the index were Oil & Gas Exploration Companies with 239 points, Commercial Banks with 177 points, Cement with 99 points, Fertilizer with 87 points and Pharmaceuticals with 81 points. Among the scrips, the most points added to the index was by Oil & Gas Development Company Limited which contributed 102 points followed by Pakistan Petroleum Limited with 96 points, Hub Power Company with 78 points, TRG Pakistan with 60 points and Lucky cement with 58 points.
However, the sectors which dented the index Insurance with 8 points, Automobile Assembler with 3 points, Engineering with 2 points, Cable & Electrical Goods with 2 points and Leather & Tanneries with 2 points. Among the scrips, the most points taken off the index was by Pak Suzuki Motor Company Limited which stripped the index of 8 points followed by International Industries Limited with 6 points, Adamjee Insurance Company Limited with 6 points, Lotte Chemical Pakistan Limited with 5 points and K-Electric Limited with 4 points.