KARACHI – Pakistan Stock Exchange witnessed range-bound session on Wednesday, with the 100-share index recovering 111.80 points to close at 42,404.47 points.
Volatility prevailed in the market as the index, after trading between an intra-day high of 188 points and intra-day low of 79 points, finally closed at 42,404 points, dealers said.
HASCOL in the OMC sector gained to close on its upper circuit on the back of material information disseminated in the market that they have been notified by Vitol Dubai Limited regarding acquisition of additional 10% shares of Hascol Petroleum Limited by exercising their call option taking their total shareholding to 25%. POL (0.63%), OGDC (0.42%) and PPL (0.34%) in the E&P sector gained to close in the green zone on the back of news that OPEC members are in vigorous consultation with each other over production cut ahead of their official meeting on Nov 30. MEBL (2.33%) in the banking sector gained on the back of the news that the State Bank of Pakistan (SBP) has announced a reduction in Statutory Liquidity Requirement (SLR) for Islamic banks by 5 percent to fix it at 14%. This move by SBP came in to facilitate Islamic banking industry as Rs225b of Bai-Muajjal was maturing and after this maturity SLR of most Islamic banks and Islamic windows of conventional banks will fall short of the previously required 19%, observed analyst Nabeel Haroon at JS Global.
Overall, volumes increased by 5.4% to 385m shares, while value increased by 11.1% to Rs13.0b/$125m.
Stocks showed recovery, led by cement, banking and oil scrips on investor speculations over CPEC projects and surge in global crude prices above $45/barrel. Concerns for foreign outflows and dismal falling FDI data invited early session pressure, brokers said.
Of total 424 active scrips that participated in the session, 209 finished in red, 184 concluded in green while 31 went unchanged.