KARACHI

Stocks on Tuesday showed recovery led by selected scrips across the board post major earning announcements at KSE.

Investors’ lack of participation in the market resulted in KSE-100 index to close up by only 0.15% or 44 points at 34,275.75 points.

The market remained lackluster with low trading volumes as a lack of immediate triggers kept participants in snooze mode. With the result season mostly out of the way, investors chose to sit on the sidelines and consolidated positions as now the focus will shift to the upcoming monetary policy which will be announced in the later half of the month. TRG, up 0.27%, and K-Electric, up 0.39%, were volume leaders with the latter continuing to rally on the back of strong earnings for Q1. Nishat Mills, up 0.2%, saw some interest as the export oriented sector gains on the back of a depreciating Pak rupee, commented analyst Ovais Ahsan.

Analyst Ahsan Mehanti said trade remained thin amid speculation in second and third tier stocks as investor awaited outcome of 9th IMF review under extended fund facility likely to impact key fiscal measures.

Rising local POL sales data and upbeat CPI Inflation for Oct’15 played a catalyst role in the positive close.

Traded volume increased by 0.8% to 123m shares while traded value inched up by 1% to Rs5.8b/$55m.

Dealers at Topline brokerage said media news that PSO has notified price for nine RLNG consignments at $10.1/mmbtu helped the stock to close up by 1.43%.

News on govt’s initiative to increase export and address textile sector’s concerns helped textile stocks like NML,NCL and KTML to gain 0.15%,1.96% and 1.63% respectively.

Major activity was seen in TRG, KEL, JSCL and SSGC with traded volumes of 13.7m, 12.2m, 11.2m and 8.6m shares, respectively.