Market rebounds after seven bearish sessions

Market rebounds after seven bearish sessions

2018-05-11T01:06:57+05:00 OUR STAFF REPORT

LAHORE - The Pakistan Stock Exchange Thursday finally came out of the bearish spell, which lasted for 7 successive sessions.

Market turned green in yesterday's session as cement manufacturers mulled to raise cement prices by Rs15 per bag. As a result, cement sector alone contributed 67 points to index gain. Moreover, Sui companies added 33 points to index as market expects favorable return formula for these utility companies.

Moreover, banks witnessed 8th straight bearish spell amid their weak 2018 earnings outlook coupled with continuation of super tax. Total market participation in terms of volume went up by 2 percent to 196m whereas while value declined by 20 percent to $55m.

Additionally, investment banks, cement, and technology emerged as the top traded sectors with cumulative volume of 42m, 29m and 21m shares, respectively.

SNGPL, MLCF, ENGRO, DGKC, and PPL remained top contributors in yesterday's session with contribution of 82 points. Experts said that oil prices clocked up further as traders adjusted to the prospects of renewed US sanctions against major crude exporter Iran amid an already tightening market.

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