KARACHI: The Pakistan stocks market closed in the green zone on Thursday as the investors opted for value-hunting in the blue-chip stocks, analysts said.
An analyst Topline Securities said that after a bearish trend since the start of the week, the equities witnessed some bullish momentum.
“The market witnessed buying sentiments due to the resumption of value-hunting as blue-chip stocks are available at an attractive price level,” he added.
The Pakistan Stock Exchange KSE-100 shares Index gained 495.44 points, or 1.26 per cent, to close at 39,838.33 points. The KSE-30 shares Index gained 223.29 points, or 1.54 per cent, to close at 14,683.24 points.
As many as 329 scrips were active of which 238 advanced, 79 declined and 12 remained unchanged.
The ready market volumes stood at 194.53 million shares, compared with the turnover of 166 million shares in the last trading session.
Commodities expert Ahsan Mehanti said that the stocks showed sharp recovery led by selected oversold scrips amid a bull-run in the global equities and surging global crude oil prices.
“The finance minister’s constitution of a committee to resolve Rs1.5 trillion circular gas debt crises, and the World Bank’s approval of over $1.7 billion project financing played a catalyst role in the bullish close,” he added.
The companies which reflected the highest gains included Rafhan Maize up Rs156 to close at Rs7,911/share, and Bata (Pak) up Rs83 to close at Rs1,725/share.
The companies which reflected the most losses included Nestle Pakistan down Rs99.90 to close at Rs5,250.10/share, and Mehmood Textile down Rs66.25 to close at Rs817.17/share.
The highest volumes were witnessed in Cnergyico PK with a turnover of 17.40 million shares. The scrip shed one paisa to close at Rs3.85/share, followed by Pak Refinery with a turnover of 13.01 million shares. It gained 27 paisas to close at Rs13.23/share. TPL Properties remained the third with a turnover of 10.10 million shares. It gained 69 paisas to close at Rs17.75/share.
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