Economy

Stock posts record recovery

Karachi, May 23, 2018: Stocks in Pakistan enjoyed a dramatic, V-shaped recovery after intense sell-offs in the past few weeks. The KSE100 Index has staged an impressive 6.4 percent rally over the past 2 days. Cheaper valuations and the potential for continued profit gains helped support this rebound among equities.

At the end of the session, the Pakistan Stock Exchange’s (PSX) benchmark 100-share index recorded an increase of 944.2 points, finishing with a 2.73% increase – with the index closing at 35,581.34 points.

Oil prices in the international market dropped by around 1%, extending falls from the previous session amid surging U.S. crude inventories. This, however, did not impact the stock prices of oil exploration companies given the overall rally in the stock market. PPL closed 2.05% higher while POL also rose 4.14 percent and OGDC declined 0.31 percent.

Market participation for the 100 indexes increased to 164mn from 141mn in the previous session (17% on d/d basis). A major contribution to total market volume came from BOP, KEL and UNITY churning 47 million shares out of the total market all share volume of 227 million shares. Daily traded value for the 100 Index increased to USD 42 million from USD 32 million in the previous session.

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