KARACHI - Stocks showed recovery led by banking and auto stocks amid strong quarter-end earnings announcements at PSX.
Volatile session was witnessed at the bourse as the index traded between an intraday high of 169 points and intraday low of 140 points to finally close at 49,827.51 level by gaining 42 points. PSMC and INDU in the automobile sector garnered investor interest as they once again gained to close on their upper circuits on the back of recent promising 1Q2017 and 9MFY17 result announcements. ENGRO (slip 0.72pc) slightly lost value to close in the red zone as the holding company declared its result for 1Q2017 in which it posted EPS of Rs5.42 along with a cash payout of Rs5/share. Moreover MCB (down 0.10pc) in the banking sector declined despite posting better than expected EPS of Rs5.52 for its 1Q2017 along with a cash payout of Rs4/share. CHCC (slump 3.61pc) and PIOC (1.13pc) were major losers in the cement sector despite announcement of good 3QFY17 results, observed analyst at JS Global.
Pressure remained in oil stocks on falling global crude prices and investors concerns remained over current account deficit at $6 billion July-March 2017. Easing political noise, record quarter-end corporate earning announcements in auto, banking stocks played a catalyst role in higher close, said analyst Ahsan Mehanti.
Today’s major index gainers were HBL (rose 2.00pc), INDU (4.98pc) and DGKC (1.17pc). Overall, volume decreased to 323 million shares compared to 381 million shares changed hands yesterday, while value also declined to Rs16.7 billion/$160 million. Summit Bank emerged volume leader with 22.6 million traded shares, followed by Azgard Nine with 21.6 million traded shares and Engro Polymer with 20 million traded shares were in spotlight in the session.
