After a day of absolute bloodshed, the index today picked up and that too by a very good margin. The index couldn’t erase yesterday’s losses, however, it pushed back above the psychological level of 39000 points. The index closed day at 39080 points, up by 295.34 points.

Net Gainers from the session were most the sectors who are prices with PKR/USD parity. Commercial Banks, Oil & Gas Exploration Cos., Fertilizer stocks gained the most from the dollar fluctuation. FABL +2.94%, NBP 2.32%, POL +2.47%, PPL 2.58% and ENGRO +2.41%.

“The market opened the day with a bearish sentiment, but the dollar spike injected a frenzy of activity into the market. Export heavy and dollar denominated sectors which include IPPs, O&G Cos, and Textile Composite benefited the most from dollar appreciation”, Mr. Arsalan from Spectrum Securities.

Pakistani Rupee went through an extremely volatile session during the day as PKR went from 105.55 at the open to at 108.50 /110 against the US Dollar within first thirty minutes of trading. Despite the lack of any clarification from the Central Bank, the market analysts speculate the Rupee devaluation can be due to one of the three reasons: i) $ 867 decline in reserves from SBP’s Weekly Reserve Data ii) State Bank’s willingness to let the market decide on the fair price, iii) increasing pressure of foreign payments.

State Bank Pakistan’s Real Effective Exchange Rate for the month of October was at 123.48 Rupees.

Sector-wise all share index turnover was led by Technology & Communication (29.86 million), Oil & Gas Exploration Cos. (20.59 million), and Power Generation & Distribution (12.87 million) with Fertilizer (5.76 million) and Automobile Assembler (4.92 million) stocks trailing at the bottom.

KSE-100 Index at the day end moved a total of +295.34 points up by 0.76%, closing in at 39080 points.

KSE – 100 Index Volume was at 80.65 million shares, value of shares traded for all-shares index reached PKR 6.27 billion with index high-low range of 39339.65 – 38431.78.

The index movement was limited within the 907.87 points range.

48 companies closed up, whereas 35 were down at the day end.