Finance

Pakistan stock exchange robust recovery on Wednesday

Karachi, November 13, 2019:Bears were defeated in today’s trading as market witnessed a robust recovery. Although the market opened negative, touching a low of -285 points, it later recovered as institutional participation shifted the market into green trajectory and the index made an intraday high of +524 points to close at 37,167 (+401 points) level.

Overall volumes stood at 275mn shares, while value traded stood at US$69mn. UNITY (+4.3percent), WTL (-1.8percent) and TRG (+3.0 percent) cumulatively contributed more than 40mn shares to total volumes. Buying was largely driven by value hunters with E&Ps and Steel heavyweights such as MARI (+4.2percent), POL (+1.8percent), MUGHAL (+4.39percent), ASTL (+5.0percent) and ISL (+5.0percent) leading the charts.

Furthermore, BAHL (+3.9percent), FABL (+0.3percent), HBL (+2.8percent), UBL (+0.8percent) and MCB (+0.5percent) from the banking sector enjoyed the same upward trend. Moving ahead, we expect the market to remain positive in the medium term, however in short term profit taking cannot be ruled out.

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