KARACHI - Pakistan Stock Exchange (PSX) remained lacklustre on Friday as the index traded between an intraday high of 683 points and low of 88 points to close at 44,337 level by rallying 554 points or (1.27 percent).

Substantial recovery was witnessed during the last hour of the session, as value-seeking investors started accumulating MSCI stocks, which led the market to enter into the green zone, brokers said. Commercial banking sector contributed 156 points to the index as heavyweights including, MCB (+0.90pc), NBP (+1.72pc) and HBL (+1.28pc) closed in the green zone. PSMC (-1.02pc), HCAR (-1.04pc) and INDU (-1.56pc) from the auto sector shed points on account of the negative impact from the revision of Customs values of replacement auto parts. OGDC (+0.70pc), POL (+1.51pc) and PPL (+1.59pc) were gainers from the E&P sector.

Despite of political uncertainty market has stabilised to a certain level due to attractive prices of value stocks. Accumulation of stocks for long term investment is highly recommended at this level, while short term positions shall be reduced on strength, said analyst at JS Global. Stocks turned bullish as investors weigh SECP chief advise to rescue amid political uncertainty.

Surging global crude prices, renewed foreign inflows and PM Nawaz’s rejection to resignation call challenging JIT report played a catalyst role in record close, market participants said.However, volumes remained low today as well, with just about 112 million shares changing hands throughout the day, while traded value decreased to Rs6 billion. Scrips of total 340 active companies participated in the session of which 240 closed in green, 83 in red, while 17 remained unchanged.