Daily Stock Report: Market Remains Volatile, Gains 45 Points

The Pakistan Stock Exchange remained volatile throughout the day, as the benchmark KSE-100 index closed with a gain of 45.23 points, or 0.11 per cent, by the end of the trading session to reach 40,498 points.

The market touched an intraday high of 389 points over the gain in Oil sector, whereas due to the profit taking today as of yesterday’s closing the market went down to an intraday low of -100 points.

Oil sector brought up the gain today as it held the market in the strong position.

Brent crude went to its highest in more than two years, which could encourage U.S. producers to export more oil. Crude oil futures traded up to a high of $54.80 per barrel on Thursday

Adding to this bullish outlook is the decline seen in the oil market, which occurs when a future contract’s price trades below the current spot price.

OGDC was up by +4.56% to close at Rs. 155.61

The government has not worked out any modalities for a bailout package meant to rescue the ailing stock market, confirmed an official on Wednesday.

For the time being, reports that a Rs. 20-billion fund with the state-owned asset management company, the National Investment Trust (NIT), was being considered to support the KSE-100 Index that has retreated over 24% in the last five months.

Rumours also suggested that there would be no bailout and fund creation was a strategy sold to the public by market players to sell and exit.

There was still some hope and once the government manages to settle the political dust it would revert to economic management and find ways for market revival as well.

All shares index had a traded volume of 116 million shares. Overall, stocks of 354 companies were traded on the exchange, of which 104 gained in value, 229 declined and 21 remained unchanged. In KSE 100, just 66.96 million shares were traded with a net worth of just Rs. 5.81 billion.

Top traded sectors:

Pak Elektron was the volume leader with 9.96 million shares losing Rs. 2.60 to close at Rs. 56.12. It was followed by TRG Pak Ltd with a turnover of 9.41 million shares, losing Rs. 1.54 to close at Rs. 31.66, Azgard Nine with 7.92 million shares, losing Rs. 0.88 to close at Rs. 12.44 and Bank Alfalah 5.88 million shares, losing Rs. 0.81 to close at Rs. 39.84.

Top Advancers of the market were:

Top Decliners of the market were: