Stocks resume bull run with 401-point rally

Published November 14, 2019
Bulls re­­su­med their run up on Wednesday after a day’s breather. The KSE-100 index recorded gains of 401.40 points (1.09 per cent) and crossed 37,000-level for the first time in six months (last seen on April 30), to settle at 37,166.96. — AFP/File
Bulls re­­su­med their run up on Wednesday after a day’s breather. The KSE-100 index recorded gains of 401.40 points (1.09 per cent) and crossed 37,000-level for the first time in six months (last seen on April 30), to settle at 37,166.96. — AFP/File

KARACHI: Bulls re­­su­med their run up on Wednesday after a day’s breather. The KSE-100 index recorded gains of 401.40 points (1.09 per cent) and crossed 37,000-level for the first time in six months (last seen on April 30), to settle at 37,166.96.

The market also witnessed traded value at Rs10.8 billion which was the highest for 2019. But almost all of the gains emanated from massive buying by mutual funds to the tune of $7.42 million, which a manager said represented investment by a large local pension fund.

Other than that, foreigners bought stocks worth $1.80m. But local institutions including banks and insurance companies as well as individuals reaped the benefits through profit booking at high levels. Overall, the market trend remained volatile as the index opened weak and sank to intraday low of 285 points in the red.

Later as buying erupted from a couple of major funds that received pension investments, the index bounced back and surged to intraday high by 524 points. Although investors remained positive based on improving macros and State Bank’s fresh initiative to ease business terms and boost exports, the political scene remained murky since the market wondered if the former PM would take the granted relief to seek treatment abroad on provision of surety bond.

The suspense over what would come of ‘’Plan B” of the JUI (F) Azadi march also added to uncertainty. Investors also were unsure of continuation of the rally as the heavy gains in recent sessions warranted consolidation. Market participation clocked in at 275m shares, 6pc lower than previous session but the traded value surged 8.1pc to Rs10.8bn, from Rs9.99bn.

Major gainers were Mari Petroleum, higher by 4.2pc, Pakistan Oilfields 1.8pc, Oil and Gas Development Company 0.9pc, Mughal Steels 4.39pc, Amreli Steels 5pc, International Steels 5pc, Nishat Mills 4.8pc, Bank Al Habib 3.9pc, Habib Bank 2.8pc, MCB 0.5pc, Engro Corporation 1.5pc and Hub Power 4.2pc.

Published in Dawn, November 14th, 2019

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...
Islamabad protest
Updated 20 Nov, 2024

Islamabad protest

As Nov 24 draws nearer, both the PTI and the Islamabad administration must remain wary and keep within the limits of reason and the law.
PIA uncertainty
20 Nov, 2024

PIA uncertainty

THE failed attempt to privatise the national flag carrier late last month has led to a fierce debate around the...
T20 disappointment
20 Nov, 2024

T20 disappointment

AFTER experiencing the historic high of the One-day International series triumph against Australia, Pakistan came...