KARACHI - Stocks showed recovery led by oversold banking, fertilisers and oil scrips on strong valuations. Market remained volatile throughout the day making an intraday low of 572 points and high of 841 points to finally close at 48,071 level, by gaining 399 points above the last trading day. Positivity in the market came in the eleventh hour as buyers jumped in to take to cherry pick value buys, brokers said.

Today's major contribution to the index came from HBL (up 4.77pc), LUCK (3.63pc) and UBL (3.49pc) as they cumulatively contributed 312 points to the index. On the flipside, major laggards were TRG (slip 3.62pc), POL (1.43pc) and THALL (3.22pc) as they cumulatively eroded 45 points to the index. EPCL (gain 4.99pc) closed at its upper circuit on account of anti-dumping duty imposed by the National Tariff Commission on PVC Resin Suspension Grade, in favour of the application made by EPCL. Commercial Bank heavyweights cumulatively contributed 235 points to the KSE-100 index. HBL (rose 4.77pc) and UBL (3.49pc) remained the major gainers in the aforementioned sector, stated analyst Arhum Ghous. Concerns over $30 billion record trade deficit for July-May 2017 invited mid-session pressure. Selected steel and cement stocks outperformed on development commitments in federal and provincial budgets, observed analyst Ahsan Mehanti.

Foreign inflows, upbeat data on car sales July-May 2017 and surge in global crude prices played a catalyst role in major recovery at PSX. Analyst Adnan Sami Sheikh says activity at the bourse highlights the two schools of thought in play, ie the Bulls who likely believe in Pakistan’s fundamental growth story vs Bears who are more concerned with rising political noise and mounting external account pressures. Today’s session saw the index seesaw between green and red. The KSE-100 index traded in a rollercoaster range of 1,414 points, clocking intraday high/low of 48,513/47,100 points and eventually closed the session in favour of the Bulls, at 48,071 points, up 399points. Market participation expanded as volume swelled 45 percent to 317 million shares, while traded value surged 61 percent to Rs15 billion/$143 million.