Lahore  -  In-line with the expectations, the stock market recovered in Friday’s session, closing at 42,004 (+288 points). All sectors contributed positive with Commercial Bank and Cement heavyweights cumulatively contributing 199 points to the KSE-100 index. HBL (+1.9 percent), UBL (+2.5 percent), BAFL (+1.2 percent), LUCK (+2.4 percent), CHCC (+1.7 percent), MLCF (+4.4 percent) and DGKC (+4.5 percent) were the major contributors from the aforementioned sectors.

On the economic front, CPI during Oct-2018 clocked in at 7.00 percent YoY as compared to 5.12 percent in Sep-2018, respectively. E&P sector dragged the index down by 119 points as crude tumbled 2.5 percent to 7-month low to $63.5. POL (-1.4 percent), OGDC (-0.8 percent) and PPL (-2.5 percent) were the major loser from the mentioned sector.

Pharma sector continued to gauge investor’s interest on the back of higher inflation numbers, where SEARL (+5.0 percent), FEROZ (+4.5 percent) closed at their respective upper circuits. Trading activity further surged up as traded value stood at $104 million, up 40 percent and volume stood at 292 million shares, up 19 percent. Furthermore, major contribution to total market volume came from PAEL (-3.2 percent), BOP (+1.9 percent) and TRG (+5.0 percent).

Moreover, Information Minister Fawad Chaudhry said that Pakistan is likely to get a huge economic assistance package from China and the nation will soon receive a very good news. He added Prime Minister’s meeting with Chinese President remained very successful. Moving forward the market may react on anticipation of the package therefore investors are recommended to buy cements, consumers and banking stock.