Stocks rally 415 points on surging exports
Late value-hunting on the back of positive economic numbers propelled the benchmark KSE 100-share index above the 62,000 level on Thursday. Topline Securities Ltd said continuing the overnight momentum, the equities began trading on a negative note as the index made an intraday low at 61,765 levels by losing 215 points. However, at the day’s low, value hunters resorted to cherry-picking which helped the index to regain the lost ground. Oil and Gas Development Company Ltd, Meezan Bank Ltd, Mari Petroleum Ltd, Pakistan Petroleum Ltd and Engro Corporation collectively contributed 360 points to the index’s recovery drive. However, Pakistan Tobacco, Engro Fertilisers and Bank Al-Habib remained under selling pressure and negatively contributed 85 points.