KARACHI: The Pakistan equity market showed recovery on Friday as the political dustseemed to settle with the Supreme Court decision on National Assemblydissolution along with the State Bank of Pakistan (SBP) measures to stabilise therupee.
Ananalyst at Arif Habib Limited said that the market witnessed a positivemomentum due to the much awaited decision from the Supreme Court the previousday which created clarity among the investors.
“Moreover,appreciation of rupee against the dollar gave a big relief to the investors. Inthe first trading hour, a rally was witnessed in the banking, E&P andrefinery sectors. Steel sector remained under pressure due to the recent hikein interest rates. In the last trading hour, buying activity was observedacross the board,” he added.ThePakistan Stock Exchange KSE-100 shares Index gained 1.50 per cent, or 657.75points, to close at 44,444.58 points.
The KSE-30 shares Index gained 1.83 percent, or 306.05 points, to close at 17,014.13 points.Theready market volumes stood at 227.88 million shares compared with the turnoverof 141.01 million shares in the last trading session.“Thestocks closed sharply higher on rupee recovery, slump in the global crude oilprices and easing economic uncertainty.
Speculations over the positive outcomeof the Supreme Court decision over the constitutional crises played a catalystrole in the bullish close,” Ahsan Mehanti at Arif Habib Corp said.Thecompanies which reflected the highest gains included Bata (Pak) up Rs80 toclose at Rs2,339.20/share, and Indus Motor Co up Rs39.61 to close atRs1,349.72/share.Thecompanies that reflected the most losses included Sapphire Fiber down Rs60.35to close at Rs765.25/share, and Hinopak Motor down Rs10.90 to close atRs309.10/share.Thehighest volumes were witnessed in Telecard Limited with a turnover of 19.72million shares.
The scrip gained 65 paisas to close at Rs15.10/share, followedby Ghani Glo Hol with a turnover of 17.71 million shares. It gained Rs1.11 toclose at Rs17.61/share. Treet Corp Ltd remained the third with a turnover of16.87 million shares. It gained Rs1.67 to finish at Rs34.18/share.
