Daily Stock Report: Market Gains 288 Points as Positive Sentiment Returns

The market saw some bounce back today as The benchmark Index KSE – 100 closed with gaining +288.64 points or -0.76% to close at 38,208.06 points after a bearish opening this week.

The market opened in the positive zone while touching and intraday high of +404 points in the opening hours, but till the midday, all the gain was wiped off and the market went down in the negative zone and touched the intraday low of -77 points. It made a recovery and managed to close in the positive zone.

The Islamabad High Court (IHC) on Wednesday ordered an accountability court in Islamabad to temporarily halt proceedings against former finance minister Ishaq Dar till January 17.

The Banking sector made a huge comeback as it played an important role in the gain today over the Full year 2017 December Financials (Closing) being calculated. HBL was up by +4.96% or +Rs. 7.89 to close at Rs. 167.01. United Bank was up by +4.57% or +Rs. 7.61 to close at Rs. 174.03. MCB was up by +2.65% or Rs. +5.17 to close at Rs. 200.32.

Whereas Pakistani equities is currently trading at 50% discount compared to a 10 year average of 25%. Pakistani equities always rallied before the general elections during the last 25 years said a report. The political uncertainty is still surrounding the market and the clarity might come after the General Elections.

All shares index had a traded volume of 129 million shares today. Overall, stocks of 415 companies were traded on the exchange, of which 204 gained in value, 182 declined and 29 remained unchanged.  In KSE 100, the volumes got better as 74.98 million shares were traded with a net worth of just Rs 4.25 billion.

Top traded sectors:

TRG Pak Ltd was the volume 21.20 million shares, losing Rs. 1.00 to close at Rs. 26.60. It was followed by Bank of Punjab with 11.78 million shares, gaining Rs. 0.37 to close at Rs. 7.81, World Call Telecom with 9.18 million shares, losing Rs. 0.08 to close at Rs. 2.82 and K-Electric Ltd 8.97 million gaining Rs. 0.06 to close at Rs. 6.10

Top Advancers of the market were:

Top Decliners of the market were: