Stocks rebound on robust export performance

The overnight bearish sentiments proved short-lived as a surge in merchandise exports with a sharp contraction in trade deficit during December and a stable rupee fuelled selective buying propelling the benchmark KSE 100-share index above 65,000 level in the intra-day trade. The benchmark index witnessed wild swings posting an intra-day high of 895 points to 65,244.60 and a dip of 130.06 points to 64,219.54. However, towards the close of the trading session, a massive profit-taking was witnessed, which compelled the index to shed earlier gains, said Topline Securities Ltd. E&P, fertiliser, tobacco and cement sectors contributed the most as Oil and Gas Development Company Ltd, Pakistan Petroleum Ltd, Fauji Fertiliser Company, Pakistan Tobacco Company Ltd and Kohat Cement Company Ltd added 267 points. On the flip side, Millat Tractors Ltd, Meezan Bank Ltd and Pakistan State Oil cumulatively lost 74 points due to profit-taking in them. Ahsan Mehanti of Arif Corporation said the bullish activity was witnessed amid upbeat economic data on exports surging 22.2pc year-on-year to $2.81bn, trade deficit shrinking by 40pc year-on-year to $1.7bn and cement despatches rose by 4.6pc year-on-year in December 2023.