Daily Times

Stocks staged sharp recovery at Pakistan Stock Exchange (PSX) on Thursday, breaking a four-day losing streak, as bullish momentum triggered a fresh buying spell.

The benchmark KSE-100 index tracking a strong turnaround, gained 805 points, and crossed the 48,000 mark for the first time in 2-weeks.

On Thursday, the market participants breathed a sigh of relief after NCCPL agreed to include June 2021 in CGT calculation, which would reduce payables as a lot of investors have booked losses in June to net off gains.

TRG Pakistan along with other tech stocks turned out to be the best performing stock as it contributed the most to the index after notifying the exchange regarding their board meeting on July 14, 2021 to consider matters other than financial results.

On Thursday, the shares of 429 companies were traded, of which 312 registered an increase, 96 recorded a fall, while 21 remained unchanged.

The market capital increased by Rs 111.17 billion, while total value traded increased by Rs 6.34 billion to Rs 21.31 billion.

The volume at KSE-100 rose from 158 million shares recorded in the previous session to about 187.88 million shares, while the all share index volume jumped from 412 million shares to about 475 million shares.

At kse-100 the volume chart was led by TPL corp Limited followed by WorldCall Telecom Limited and TRG Pakistan. The scrips exchanged 30.16 million, 28.43 million and 27.39 million shares.

As per the National Clearing Company of Pakistan limited (NCCPL) foreign investors were net buyers of worth $1.9 million worth of shares.

Among local investors Individuals, Insurance Companies and Banks led the selling chart, which offloaded $9.28 million and $2.35 million and $1.37 million worth of equities.

Whereas, Mutual Funds and Other Organization led the buying chart, and mopped up $12.69 million, $1.46 million million worth of equities.

During the session, sectors which lifted the index were Technology & Communication with 163 points, Cement with 144 points, Commercial Banks with 107 points, Fertilizer with 87 points and Power Generation & Distribution with 51 points.

Among the scrips, the most points added to the index was by TRG Pakistan which contributed 121 points followed by Lucky Cement with 79 points, Hub Power Company Limited with 40 points, Systems Limited with 35 points and ENGRO with 31 points.

However, sectors which kept pressure on the index were Vanaspati & Allied Industries and Leasing Companies.

Among the scrips, the most points taken off the index was by AGP which stripped the index of 7 points followed by Kohat Cement Company Limited with 5 points, Abott Laboratories with 3 points, Azgard Nine Limited with 2 points and Allied Bank Limited with 2 points.