Benchmark edges up 294.54 points to settle at 38,819.95. PHOTO:FILE
The rupee's depreciation allayed concerns of foreign investors which helped the index move higher. Although volumes were lower than in the previous session, the index traded in the positive zone. Some resolutions on the political front also helped improve matters.
At the end of trading, the benchmark KSE 100-share Index registered an increase of 294.54 points or 0.76% to settle at 38,819.95.
JS Global analyst Danish Ladhani said the KSE-100 index remained positive in Wednesday's trading session making an intraday high of 360 points to finally settle at 38,820 (+295 points).
"Despite political skirmish, the market showed confidence," Ladhani observed.
Major movers at the bourse were MTL (+2.7%), PSMC (+3.5%), PKGS (+1.8%) and HCAR (+1.7%) whereas major laggards were GLAXO (-1.4%), OGDC (-1.2%), THALL (-0.4%) and UBL (-0.8%), contributing -42 points.
Market watch: Stocks end little changed as political noise continues
E&Ps, POL (-0.1%) and PPL (-0.1%) and OGDC (-1.2%) declined despite crude prices settling higher amid speculation on a sizable decline in US oil supplies ahead of data.
Moreover, investors interest was seen in ENGRO (+1.6%) & SSGC (+3.6%) as Engro Elengy Terminal Private Limited (EETPL) signed an LNG Supply Agreement (LSA) with Sui Southern Gas Company (SSGC).
Furthermore, interest was seen in IPPs where HUBC (+0.3%), KAPCO (+1.1%), closed high on the back of the news that the Senate standing committee on finance has directed the Power Division to resolve the issue of the payment of Rs32.45 billion to the IPPs.
"Moving forward, we recommend investors to stay cautious and avoid taking long-term positions unless there is clarity on politics and economy," he added.
Topline Securities, in its report, stated that stability in Pakistani rupee along with value buying led to the gains.
Sui's companies recovered as SNGP (+4.4%) and SSGC (+3.6%) gained on news that Ogra proposals are not indicative of future profits.
Participation decreased, volumes were down 40% day-on-day while traded value shed 38%.
Market watch: KSE-100 hits 17-month low with over 500-point fall
Top index point leaders were MCB (+2.6%), EFERT (+3.4%), ENGRO (+1.6%), SNGP (+4.4%) and DAWH (+2.4%) adding 134 points, while stocks including OGDC (-1.2%), UBL (-0.7%), HBL (-0.4%), JDWS (-5%) & ISL (-1.9%) withheld 62 points.
On the sector front; fertiliser added 93 points, commercial banks added 46 points, oil & gas marketing companies added 34 points, and cements 29 points. On the flip side oil & gas exploration companies took away 29 points, sugar fell 8 points and engineering was down 6 points.
Overall, trading volumes fell to 117 million shares compared with Tuesday's tally of 195 million.
Shares of 358 companies were traded. At the end of the day, 257 stocks closed higher, 80 declined while 21 remained unchanged. The value of shares traded during the day was Rs5.4 billion.
K-Electric Limited was the volume leader with 18.3 million shares, gaining Rs0.10 to close at Rs6.38. It was followed by TRG Pakistan with 12 million shares, gaining Rs0.09 to close at Rs31.81 and Azgard Nine with 6.8 million shares, gaining Rs0.29 to close at Rs15.22.
Foreign institutional investors were net sellers of Rs291 million during the trading session, according to data compiled by the National Clearing Company of Pakistan.
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