karachi

Stocks showed strong recovery on support from state-owned institutional interest in panic bound oversold market.

KSE benchmark 100-index posted a fresh gain of 233.09 points or 0.83 percent to stop the trading at 28304.50 points compared to 28071.41 points of the previous day.

KSE-Allshare index increased by 158.35 points or 0.77 percent to close the trading at 20785.22 points, KSE-30 index grew by 172.50 points or 0.88 percent to close the trading at 19710.17 points while KMI-30 index extend by 313.45 points or 0.69 percent to conclude the session at 45774.55 points. Trading took place in 374 companies where gainers beat the losers 194 to 163 while the value of 17 stocks remained intact. Highest increased witnessed in the price of Nestle Pak up by Rs 180 to Rs 7400 followed by Murree Brewery increased by Rs 40.99 to Rs 930. Wyeth Pak and Bata (Pak) were the biggest losers of the day decreased by Rs 100 to Rs 2800.01 and Rs 56.36 to to Rs 3284.64.

Ahsan Mehanti analyst at Arif Habib Corp said investors counted on PM address to the nation later today to address political crisis in the country ahead of march and Azadi march called by opposition leaders on August 14.

Renewed foreign interest in oil and banking stocks following strong earnings announcements played a catalyst role in bullish sentiments at KSE, he added. Market traded 220.657 million shares after opening at 215.626m shares and the value of traded shares was climbed to Rs 10.587b from Rs 8.897 billion while the capitalisation of the market maintained at Rs 6.655 trillion after opening at Rs 6.605 trillion.

Samar Iqbal AVP at Topline Securities said partial recovery was seen today after a steep fall yesterday, institutional support was witnessed in select stocks due to which market increased by 1pc, The recovery was accompanied with increasing volume of 220m shares. Active list was topped by TRG Pakistan Ltd with 19.066m shares added Re 0.65 to Rs 10.28. It was followed by Bank of Punjab with 18.872m shares higher by Re 0.41 to Rs 7.67, Maple Leaf cement with 13.439m shares up by Re 0.17 to Rs 27.42, DGK Cement with 12.105m shares shed Re 0.33 to Rs 76.72 and Bank Al-Falah with 8.968mshares grew by Re 0.17 to Rss 26.17.