Daily Stock Report: After Horror Start, PSX Rallies & Posts a 729 Point Gain

Pakistan Stock Exchange underwent a dramatic rollercoaster ride as the KSE-100 Index took a complete U-turn, registering an over 1,300-point intra-day movement after investor’s panic selling had caused it to plunge at the start of the trading session. KSE-100 gained 729 points or +1.56% to finish at 47603.48 points by the end of the trading session.

By 2:00pm, the KSE-100 Index had recovered to be over 200 points in the green, moving up to 47,000, after falling over 800 within the opening hour before finding resistance near the 46,000 level.

The index had earlier went down as investors, wary of the Panama case verdict that the Supreme Court confirmed would be announced on Thursday, created huge selling pressure.

Volumes increased and were better than yesterday. Power generation & distribution, commercial banks and technology & communication sector attracted investor interest.

Shares of 364 companies were traded. At the end of the day, 209 stocks closed higher, 137 declined while 18 remained unchanged.

K- Electric Ltd was the volume leader with 22.40 million shares, gaining Rs0.24 to close at Rs8.24. It was followed by TRG PAK Ltd with 20 million shares, gaining Rs1.06 to close at Rs50.50, Engro Polymer with 17.12 million shares, gaining Rs0.56 to close at Rs25.67 and Bank of Punjab with 11.88 million shares, gaining Rs 0.23 to close at Rs12.85.

Major gainers of the market were:

Major losers of the market were:

However, value-picking at attractive valuations prevailed with Pakistan Stock Exchange’s upcoming reclassification as MSCI’s Emerging Market likely to be the positive trigger.