karachi

The Karachi bourse on Wednesday staged a modest recovery from recent low. Market remained volatile today to close at 33242.96 levels up 0.16pc. An initial run of 275 points gains in the earlier half of the day proved to be short-lived as the market ended up by 54 points.

Selling was witnessed in PAEL as investors booked profits with the script ending at Rs55.11, down 4.4pc.

Volatility remained in Engro and EFERT as the stocks witnessed a large gap between its high and low.

The auto sector witnessed a bullish momentum on the back of positive expectations from an upcoming auto policy as HCAR, PSMC and INDU ended 4.2pc, 1.4pc and 3.4pc higher respectively.  On the back of slight recovery in global oil prices, the Oil & Gas sector attracted investor interest, observed analyst Arhum Ghous at JS Global. Karachi market gained marginally with benchmark KSE-100 index increasing by 0.16pc. Though Index gone up by 0.83pc at one point in time, however due to profit taking in oil and select stocks index came down.  Investors remained cautious due to fear of continuous foreign outflows and local Mutual funds selling. LUCK declined by 2pc amid profit taking after it increased over 4pc yesterday. Stock closed at 504.40. Investors accumulated Engro and EFERT for third consecutive day after EFERT got approval of concessionary gas. Local investors keenly watching foreign fund managers activity to judge the future direction of equities due to YTD net outflow of $60mn, said analyst Samar Iqbal.

Stocks showed recovery led by power and auto sector stocks on strong earnings outlook. Lower international oil prices, record growth in cement sales, falling CPI Inflation and PIB yields indicating imminent SBP Policy rate cut this month played a catalyst role in positive sentiments at KSE despite rumors on cement sector price wars likely to dent earnings outlook for cement sector, stated analyst Ahsan Mehanti. Volumes saw a small decline to Rs11b/$112m compared to Rs13b/$134m yesterday. Engro with volume of Rs1.4b/$140m remained on top.  Pak Elektron was volume leader in the market with 19.36m shares and price per share Rs55.11, followed by Engro Fertilizer with 14.93m shares and price per share Rs87.44 and Maple Leaf Cement with 11.87m shares and price per share Rs51.33 were in limelight in market.