our staff Reporter


The Karachi stock market staged a snap recovery on Wednesday as KSE 100-index rallied by 154.10 points or 0.46% to close at 33,345.56 points.

The cement and fertilizer sectors rallied on the back of reduced interest rate. Leveraged scripts were major gainers where MLCF went up by 1.77% and DGKC by 1.54% in the cement sector, and ENGRO rose 1.60% and FFBL by 1.49% in the fertilizer sector, rallied the most. The oil sector rallied on the back of appreciating global oil prices where most scripts remained in green. Top gainer of the sector was BYCO that rose by 4.58% in anticipation of good results. After GHNL announced a better-than-expected result the script hit its upper circuit, observed analyst Ahmed Saeed Khan.

Traded volume declined to 104m shares as compared to 132m shares of the previous day, while value also decreased to Rs5b/$47.3m. Of total 358 traded companies in the session, 220 settled in advance, 113 closed in decline whereas 25 remained unchanged. Major activities were witnessed in the stocks of Byco Petroleum, Pace (Pak) and Dewan Cement with accumulated 21m shares.

Dealers expect volatility to prevail in the market as the market fails to set a distinctive tone.