FM’s resignation gave the market the required impetus and investors showed their confidence with an increase of 917pts.
Almost everything from Banks to Steel saw healthy buying activity, which was further aided by prospects of discovery in offshore Indus, giving way to buying activity in OGDC and PPL.
BOP reversed the negative tide with the news of SBP issuing clarification regarding implementation of TSA.
Resultantly, BOP saw considerable activity at upper circuit. SNGP, which is due to consider Financials over the weekend, saw the scrip trading at an near upper circuit.
Likewise, LOTCHEM which was estimated to post lower earnings came with a positive surprise and double the market expectation. LOTCHEM also closed at upper circuit.
The Index closed at 37,292pts as against 36,811pts showing an increase of 481pts (+1.3% DoD).
Sectors contributing to the performance include Banks (+188pts), E&P (+61pts), Fertilizer (+46pts), Food (+40pts) Power (+40pts).
Volumes declined from 216mn shares to 177mn shares (-18% DoD). Average traded value on the contrary increased by 28% DoD to reach US$ 46.9mn as against US$ 36.6mn.
Stocks that contributed significantly to the volumes include BOP,KEL, UNITY, PAEL and WTL, which formed XX% of total volumes.
Stocks that contributed positively include MCB (+65pts), HBL (+51pts), FFC (+38pts), PPL (+36pts), and NESTLE (+35pts).
Stocks that contributed negatively include MARI (-8pts), IGIHL (-6pts), MEBL (-6pts), HMB (-5pts) and DAWH (-4pts).