KARACHI

The KSE 100-share index on Friday staged a modest recovery from the recent lows. The market recovered its recent negative run to end 157 points higher at 33,943.

Following the recovery in global oil prices, the Oil & Gas sector witnessed a bullish momentum with PSO, Hascol, APL and POL all ending 3.2pc, 2.5pc, 1.4pc and 1.2pc higher respectively.

High volumes of trade were witnessed in the cement sector with profit-taking leading towards a general pressure within the sector.  Amongst major news, the Engro family made a slight recovery following its recent downturn as investors anticipate positive full year Engro Corp results, observed analyst Arhum Ghous. Stocks showed recovery amid investors’ interest in oversold scrips across the board after SECP extends stock settlement bank date to May 15.

Rebound in international oil prices, speculations ahead of major earnings announcements next week, improving economic outlook and favourable Pak-US relations played a catalyst role in bullish activity in a volatile session at KSE, stated analyst Ahsan Mehanti at Arif Habib Corp.

Total traded volume in the market was 249m shares and in term of amount it was Rs14.76b. Of total 353 active companies in the session, 191 concluded in advance, 131 in decline while 31 went unchanged.

Significant turnover was witnessed in the stocks of Jah.Sidd.Co, PIA, Pak Elektron and TRG Pak Ltd.  Jah. Sidd.Co was volume leader in the market with 33.74m shares and price per share Rs23.32, followed by PIA with 17.12m shares and price per share Rs9.29 and Pak Elektron with 16.70m shares and price per share Rs58.79 were in spotlight in market.

Market watchers said, the KSE witnessed bearish sentiments during the outgoing week owing to net foreign selling of $10.3m and discomfort on the political front ahead of Senate elections on March 5th.

As a result, the benchmark KSE-100 index closed down by 2.1pc WoW at 33,943 with average trading volumes declining by 17pc WoW to 272m shares/day. Auto sector remained in the limelight as industry’s sales in Jan 2015 expanded by 29pc YoY and 60pc MoM.

Other key highlights of the week were Government announcing Rs65b Textile Policy 2014-19, US releasing $700m for Pakistan under the Coalition Support Fund taking Pakistan foreign exchange reserves to $16b, and oil consumption growing by 7pc YoY in Jan 2015.­