Pakistan Stock Exchange, which witnessed fall in last six trading sessions, finally showed some recovery on Wednesday, led by second and third tier scrips on strong valuations.
Investors took fresh positions on attractive valuations, which led the index to close up by 222 points (0.73%) to close at 30,786.60 points. MLCF, DGKC and FCCL closed up by 3.48%, 2.17% and 1.18% respectively. Traded volume decreased 20% to 138 million shares, compared to 172m shares of Tuesday and traded value decreased 2.9% to Rs6.6b/$64.0m.
KAPCO announced earnings of 4.92/share and a cash dividend of Rs 4.25/share. KAPCO closed up at 4.11%
Consolidated earnings of 9.03/share were announced by NML which was below experts’ expectations. NML closed up 1.11%, stated dealers at sales desk Topline brokerage.
Analyst Ahsan Mehanti said stocks showed recovery led by second and third tier scrips on strong valuations.
Global equities rout and falling crude prices impacted the sentiments. Institutional support in oversold blue chip stocks and cement sector on upbeat local cement dispatches data played a catalyst role in bullish close at PSX , the analyst added.
Out of total 334 traded companies in the session 224 closed in advance, 94 in decline while 16 remained unchanged.