KARACHI

Stocks on Tuesday staged recovery amid institutional support on speculations ahead of major corporate earning announcements due this week.
The KSE-100 index gained 121.27 points to close at 36,205 Index level or up 0.34pc.
Traded volume up by 23pc to 328m shares, while value declined by 5pc to Rs.11.9b/ $117m.
Stability in international markets led investors to take some fresh positions in oil stocks like, OGDC, PPL and POL which are up by 0.42-1.52pc.
Some profit-taking was witnessed in MCB as the stock failed to capture investors’ interest after its result announcement. As a result, the stock closed at -0.01pc.
Renewed interest was seen in SSGC and SNGP after news of an expected increase in UFG benchmark from 4.5pc to 9pc. This led the stock to gain 2.63pc and 5pc respectively.
In anticipation of AICL’s better June 2015 result, the stock closed at its upper limit with strong traded volume of 13m shares, said report of research desk Topline brokerage. Analyst Ahsan Mehanti observed, sentiments remained weak on global commodities fall impacting oil, fertilizer and textile sector earnings outlook.
Strong home remittances and foreign exchange reserves data, hopes for release of IMF tranche post eight review with commitments for reducing circular debt, privatisation of SOEs and revision gas tariff played a catalyst role in bullish close.
Ahmed Saeed Khan analyst at JS Global stated, major support of the day came from the two biggest sector that is banking and oil. As Brent shot up to trade above $50, the oil sector as a whole rallied with the exception of ATRL and NRL that remained negative throughout the day, star scripts of the day were PSO up 1.2pc, HASCOL rose 5pc and POL appreciated 1.5pc respectively. The auto sector remained unusually depressed as profit taking was witnessed in the selected scrips.
Biggest Laggards of the sector were HINO down 5pc and PSMC up 2.2pc.
Positivity in the banking sector started, after the session’s midpoint as MCB up 0.6pc announced a Rs4/share dividend and an EPS of Rs12.17 in 1H2015.
Major gainers of the sector were UBL up 0.7pc and ABL rose 0.9pc.