Stocks manage rebound after four bearish sessions

2018-06-27T02:10:54+05:00 OUR STAFF REPORT

LAHORE - After four consecutive bearish sessions, wherein the benchmark index slipped to below 41,000-point level (down 2,700 points), equity market found some support and rebounded on Tuesday. The 100-share index gained 268 points to close at the level of 41,246 points.

The rebound is attributable to technical rather than fundamental triggers as continuous fall in the index during four preceding sessions warranted some support owing to attractive valuations. Key performing sectors during the day included oil & gas exploration companies, oil & gas marketing companies and commercial banks as these sectors added 133 points to index gain while power generation & distribution and chemicals remained major underperformers withholding 19 points.

Market participation improved as indicated by 8pc increase in both the volumes and value traded.

In a notice issued through PSX, it has been notified that Lucky Electric Power Company Limited (LEPCL), wholly owned by Lucky Cement, has achieved financial close on June 25, 2018 after fulfilling all the necessary conditions required to be met as per the financing agreements. The financing documents were signed on May 31, 2018.

For the third time in this year, Indus Motor Company Limited increased the prices of its variants ranging from 50,000 – 250,000 in line with recent rupee depreciation.

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