KARACHI -  Pakistan Stock Exchange (PSX) showed recovery on Wednesday amid institutional support in oil, autos and cement scrips. Resultantly, the benchmark KSE 100-index rallied by 303.64 points and closed at 41,595.32 points.

The market remained positive amid political dust settling down, tempting levels of scrips and financial results of certain companies dictated market sentiments, dealers said.

Sectors that remained positive during the day were cement that added 69 points, fertilizer (40 points), oil and gas exploration companies (40 points), auto assemblers (31 points) and commercial banks that contributed 29 points to the index gain respectively.

The stocks that remained positive were LUCK that added 32 points, DAWH (22 points), POL (18 points), MCB (16 points) and DGKC (14 points) to the index gain. On the other hand, the stock that posted negative contribution included NESTLE that shed 12 points, ABOT (8 points) and BATA that took away 5 points from the gain respectively.

Mid-session pressure remained on investor concerns for political uncertainty and rupee depreciation, said analyst Ahsan Mehanti. Speculations in the earnings season, rising textile exports amid EU GSP plus scheme and upbeat data in cement and oil sales for Sep-17 played a catalyst role in bullish close, he added.

Average market volumes settled at 103m shares down by 28.4% DoD while average traded value was down by 20.0% at Rs5.4bn/USD 51.1m owed to temporary suspension of trading session on the back of technical fault, stated AHL Market Data. Volume leaders for the day were PAEL, ASL and TRG that contributed 14.7%, 11.9% and 9.5% of the total volumes respectively.

Symbols of total 363 active companies were participated in the session of which 223 closed in advance, 117 in decline while 23 remained unchanged.

 

OUR STAFF REPORTER