Stocks recover 449 points on cherry-picking
Bulls made a comeback to the Pakistan Stock Exchange on Wednesday after three gloomy sessions. Arif Habib Ltd said the benchmark of 100 representative shares stayed at a higher level as investors chose to cherry-pick stocks at appealing rates. It added that investors’ participation grew dramatically after the State Bank of Pakistan governor issued a “much-needed” clarification on the issue of letters of credit. His statement resulted in the benchmark making an intraday high of 603.76 points. The volume of traded shares on the exchange’s mainboard remained healthy. “Going forward, we expect pressure in the market and recommend investors should stay cautious and wait for any dips for fresh buying in cement and banking sectors,” said JS Global. As a result, the KSE-100 index settled at 38,791.09 points, up 448.88 points or 1.17 per cent from the preceding session. The overall trading volume decreased 25.7pc to 153.1 million shares. The traded value went down 25.4pc to $21.9m on a day-on-day basis.