PSX snaps 3 day losing streak, gains 340 points

Benchmark index rises 0.98% to settle at 34,995.91

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KARACHI
After a three-day bearish spell, the stock market turned bullish on Thursday and finished trading with a significant rise of 340 points as investors cherry-picked stocks. Positivity in the market was led by news of a modest contraction in the current account deficit. In its report, Aba Ali Habib Securities stated investors’ confidence was boosted following both sides in the lower house of parliament showed signs of flexibility, which may lead to smooth sailing for the FY20 budget. A rift between the government and opposition, which impacted trading in the past few days, eased after the National Assembly speaker issued production orders for key opposition leaders, it added. Cement, exploration and production and financial stocks were major movers of the day. Lucky Cement (+1.2%), DG Khan Cement (+4.1%), Pakistan Oilfields (+1.7%), Oil and Gas Development Company (+0.7%), MCB Bank (+1.1%) and HBL (+0.8%) remained in the green. Overall, trading volumes increased to 163 million shares compared with Wednesday’s tally of 99.3 million. The value of shares traded during the day was Rs4.5 billion. Shares of 340 companies were traded. At the end of the day, 225 stocks closed higher, 101 declined and 14 remained unchanged. Summit Bank was the volume leader with 19.4 million shares, gaining Rs0.01 to close at Rs0.65. It was followed by WorldCall Telecom with 17.2 million shares, gaining Rs0.04 to close at Rs0.79 and Jahangir Siddiqui and Company with 10.4 million shares, losing Rs0.28 to close at Rs11.4.

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