KARACHI -  Pakistan Stock Exchange showed modest recovery on Monday. The 100-share index gained 20.96 points and closed at 39,893.84 points.

K-Electric (up 2.5%), which was yesterday’s volume leader, gained on the back of Abraaj Group’s announcement that KES Power (Abraaj controlled) had entered into a definitive agreement to divest its 66.4% shareholding in K-Electric to Shanghai Electric Power Company Limited (SEP) for a consideration of $1.77b. PNSC (up 1.8%) continued its post-result momentum, as the shipping company announced that it had decided to introduce ferry service. NETSOL (up 4.8%) also closed up on strong 1QFY17 result announcement, stated analyst Nabeel Haroon.

Overall, volumes declined by 27.7% to 237m shares, while value decreased by 31% to Rs7.5b/$72m.

Political uncertainty, falling global equities, crude prices invited intra-day pressure. Strong results in the fertilizers, oil and auto sector invited institutional interest, said analyst Ahsan Mehanti. Foreign inflows, High Court orders on opposition protest without lockdown of federal capital played a catalyst role in positive close.

Continued interest led SSGC & SNGPL to gain 1.7% and 2.3% respectively, since OGRA in its motion for review stated that the cost on account of late payments to gas producers will be under consideration. Interest was seen in HBL and UBL which gained 0.9%-1.1%. KEL led the volumes with 41m shares traded, dealers said.