KARACHI - Stocks on Thursday closed higher amid higher trades and speculations ahead of quarter end earning announcements.
Volatility prevailed in today’s session as the index fluctuated between the up 117 and down 119 points to finally close at 33,469.15 with gain of 93 points or up 0.28pc.
Due to an inter day recovery in global oil prices some oil scripts rallied to come out of the red zone, whereas major players remained under pressure, closing PSO, PPL and POL at down by 1.32pc, 1.76pc and 1.96pc respectively.
Interest was seen in the cement sector on the back of soaring local dispatches, top performer of the sector today were KOHC up 4.77pc, DGKC 3.11pc and ACPL higher 2.67pc respectively. Cherry picking continued in the banking sector where 3 out of the big 5 banks were positive, while the top performer in the big 5 was MCB higher 1.21pc, commented analyst Ahmed Saeed Khan. Consolidation was seen in the market as investor taking bet on upcoming good corporate results, observed dealers at major brokerage.
After disclosure of official price of LNG in which PSO got lowest share compared to what people expected took pressure on PSO price and drag it to negative 1.24pc. Some fresh position was taken on the cement sector which offered attractive valuation like DGKC up 2.94pc, LUCK rose 2.94pc while MLCF rallied 1.95pc, the dealers added. Today’s traded volume increased to 179m shares, up by 11pc while traded value also improved by 28pc to Rs9.8b/ $94m.
Trade remained in leveraged stocks after falling bond yields in the recent PIB auctions by SBP. Oil stocks depressed after WTI crude prices fell near to $47/barrel. Institutional support ahead of SBP policy rate decisions next month and bullish sentiments in global equities played a catalyst role in the positive close, stated analyst Ahsan Mehanti.