Market bounced from the word Go. Within minutes of initial trading, the index was +150pts and did not see back. Clarity on Pakistan Opportunity and Market Support Funds gave much needed confidence amongst investors and the erosion saw yesterday in the shape of a drop of ~750pts was recovered on Wednesday.
During the session, the index increased by 1044pts and closed (unadjusted) near day’s high at +1010pts. Buying was observed across the board and especially in stocks that could be of significance to the Government Support Funds.
Banks led the volumes table with 40M shares (contributed by BOP 17M), followed by Cement Sector with 23M shares (led by FCCL with ~12M shares).
The Index closed at 35,959pts as against 34,949pts showing an increase of 1010pts (+2.9% DoD).
Sectors contributing to the performance include Fertilizer (+206pts), E&P (+201pts), Banks (+196pts), Power (+101pts) and Cement (+100pts).
Volumes increased from 152.3mn shares as against 182.4mn shares (+20% DoD). Average traded value also increased by 4% to reach US$ 50.9mn as against US$ 48.8mn.
Stocks that contributed significantly to the volumes include BOP, FCCL, UNITY, ISL and KEL, which formed 30% of total volumes.
Stocks that contributed positively include HUBC (+76pts), ENGRO (+74pts), FFC (+67pts), OGDC (+64pts) and POL (+57pts).
Stocks that contributed negatively include NESTLE (-33pts), FFBL (-1pts), GADT (-0pts), GHGL (-0pts) and DCR (-0pts).