Daily Stock Report: PSX Gains Another 1,051 Points to Close at 46,274

Pakistan Stock Exchange closed in the green as the bulls made a return after a roller-coaster ride. The benchmark KSE-100 index gained +1051.66 points to close at 46,273.81.

The market was down by –450 points during the intraday trading in the first trading hour but made a huge recovery by closing at +1051.66 points as the JIT, probing allegations of money-laundering against Prime Minister Nawaz Sharif and his family, submitted its report to the Supreme Court.

The KSE-100 index opened sideways, but jumped over 1100 points to hit an intra-day high of 46332.35 as the stocks bounced back. During the start of the day panic-selling was seen in KSE-100 but made a recovery later as the top court adjourned the case for a week.

During last week, the trend was different as the market displayed a pessimistic trend over the Panama case. Pakistan Stock Exchange’s 100-share index was under pressure during the last week as investors waited for clarity on the outcome of the JIT investigation.

The index tested the day’s high at 46,332.35 points. The day’s low of 44,710.24 came towards market close.

Overall the volumes were lower than last week, 235 million shares were traded, while in KSE-100 index, 120 million shares changed hands with a total worth of nearly Rs. 10.10 billion.

COMMERCIAL BANKS was the top traded sector with a total traded volume of 43,942,100 shares. It was followed by ENGINEERING with a total traded volume of 30,250,800 shares and TECHNOLOGY AND COMMUNICATION sector with a total traded volume of 23,130,000.

Shares of 364 companies were traded. At the end of the day, 273 Stocks closed higher, 75 declined while 16 remained unchanged.

Bank of Punjab was the volume leader with 21.77 million shares, gaining Rs 0.55 to close at Rs 12.10. It was followed by TRG Pak Ltd with 16.81 million shares, gaining Rs 1.79 to close at Rs 37.72, Summit bank with 10.02 million shares, gaining Rs 1.00 to close at Rs 5.46 and Azgard Nine with 9.35 million shares, gaining Rs 0.74 to close at Rs 11.94.

The top advancers of the market were:

Top decliners of the market were: