KARACHI - Market continued to show some recovery on Wednesday, boosted by MSCI Semi-Annual Index Review and expected cut in discount rate in the upcoming monetary policy.
Samar Iqbal, AVP at Topline Securities, said enormous interest was seen in new listing Hascol Petroleum (HASCOL) which increased by 5% on the first trading day, she added.
KSE benchmark further added 116.70 points or 0.41 per cent to end the day at 28528.19 points as compared to 28411.49 points of the previous day.
KSE-allshare gained 106.11 points or 0.50 per cent to close the day at 21288.34 points, KSE-30 grew by 32.99 points or 0.17 per cent to stop the trading at 19822.65 points while KMI-30 extended by 83.91 points or 0.19 percent to finish the trading at 453838.19 points. Improving economic indicators and expectations for status quo in the SBP policy announcements this week supported the banking sector and cash rich stocks despite pressure in selected energy sector stocks on concerns for rising circular debt.
Profit taking continued in cement and textile stocks, analyst observed. Volumes remained sluggish at 109m shares; down by 10% (Rs.4.4bn down 27%). Capitalization of equity market maintained at Rs 6.833 trillion after opening at Rs 6.974 trillion. Total 357 companies participated in the session where gainers outnumbered the losers by 192 to 139 while the values of 26 stocks did not change. Wyeth Pak Ltd was the highest price gainer of the day, up by Rs 200 to Rs 4400, followed by Siemens Pakistan, added Rs 59 to Rs 1239.01. Bata (Pak) XD and Fazal Textile were the top price losers of the day, down by Rs 59.10 to Rs 3411.04 and Rs 23.50 to Rs 470.
BYCO led the volume leaders with 15.006 million shares, off by Re 0.73 to Rs 11.68. It was followed by JS Company with 7.117 million, Pervez Ahmad with 6.287 million, National Bank with 3.415 million, NIB Bank Limited with 3.229 million, PIAC (A) 3.129 million, Engro Foods Ltd with 2.694 million, Telecard Limited with 2.520 million, Afif Habib Corp with 2.488 million and Lafarge Pakistan.XD with 2.438 million shares.