KARACHI: The declining trend came to a halt on Thursday as the KSE-100 index staged recovery of 154.07 points or 0.52 per cent to close at 29,537.04.
The positive closing of the benchmark however came after a roller-coaster ride with the index taking an earlier plunge of another 128 points.
Adding to the drastic fall of 931 points in the last three sessions, the market seemed oversold. However, the investors continued to act on news flow over the political situation.
The general feeling was that with all political parties trying to defuse the explosive situation, a solution to the feared crisis leading to Aug 14 could be found.
After sizeable inflows in the last few sessions, the foreign investors sold small amount of equity in the sum of $0.39 million.
Mutual funds however continued to be the major sellers with another $4.44m worth stocks disposed of on Thursday, which brokers attributed to possible large scale redemption in a few funds.
Fahad M. Ali at observed that the power sector remained under pressure on a comment by the finance minster that the government would not be clearing circular debt of Rs262bn.
OGDCL, Pakistan State Oil and Hascol appreciated by 0.40pc, 1.92pc and 1.60pc, respectively whereas PPL dropped by 0.14pc.
Cherat Cement, Lafarge Pakistan, Maple Leaf, DG Khan and Fauji Cement appreciated by 5pc, 1.93pc, 0.77pc, 0.80pc and 0.30pc respectively while Pioneer Cement declined by 0.20pc.
Engro and Engro Fertiliser Ltd closed up by 0.28pc and 1.06pc.
MCB Bank and UBL dipped 0.75pc and 2.34pc while NBP, BOP, Askari Bank and Bank Alfalah up 1.55pc, 1.28pc, 0.18pc and 1.32pc.