KARACHI
Pakistan Stock Exchange on Monday showed recovery amid bull-run in global equities. The benchmark 100-share index rose 69.40 points to close at 32,738.56 points.
Major triggers were absent in yesterday’s trading session. Index closed up by only 0.2% due to profit taking, dealers said. Engro Foods (EFOODS) continued to attract attention as investors are anticipating a deal price higher than the current stock price. Resultantly, the stock closed at its upper limit (up 5%). Upside was also witnessed in Engro Corporation (ENGRO), which increased 2.0%.
Oil exploration stocks were in the red as international oil prices receded and fear of further decline rose among local investors as Iran may not be up for a production freeze. Pakistan Petroleum (PPL), OGDC and Pakistan Oilfields (POL) fell by 0.6-2.3%, observed market analysts. Intra-day pressure was witnessed on concerns for foreign outflow, political noise and uncertainty over SBP policy rate announcements this month. Strong earnings outlook for selected blue chip scrips in pharma, auto and cement sectors on upbeat sales data played a catalyst role in positive close at PSX, stated analyst Ahsan Mehanti.