December 22, 2022 (MLN): Snapping its 3-day losing streak, the benchmark KSE-100 Index finally recovered by 495.44 points in today’s session to settle at 39,838.33 as investors opted for value buying since the scrips are being traded at their lowest.
Speaking to Mettis Global, Ahsan Mehanti Chief Executive Officer at Arif Habib Commodities said, “The bullish trend is attributed to the Finance Minister Ishaq Dar constitution of committee to resolve Rs1.5 trillion circular gas debt crises.
Furthermore, the World Bank has approved over $1.7 billion project financing on flood losses and speculations over likely government resistance over PTI call for dissolution of KP and Punjab assemblies played a catalyst role in bullish close, he added.
The benchmark KSE-100 index made an intraday high of 39,926.34 and an intraday low of 39,330.02 during the day.
By the session’s end, the total volumes of the KSE-100 index stood at 86.24mn shares, increased by 24.15% DoD from 65.41mn shares traded on Wednesday.
In terms of sectors, most of the positive contributions came from oil & gas exploration, commercial banks, technology, chemical, and cement which cumulatively added 335.79 points to the index tally by the day’s end.
Out of 93 companies’ shares traded today 70 companies recorded gains and 22 companies sustained losses and one companies’ share remains unchanged.
Meanwhile, the volume leaders on the benchmark index were CNERGY (17.41mn), TRG (8.99mn), PPL (6.36mn), PAEL (4.73mn), and OGDC (3.72mn).
The scrips which gained the most during the session included: RMPL (2.01%), COLG (1.93%), ICI (2.61%), HINOON (2.98%), and MTL (2.21%). On the other hand, the stocks that emerged as net losers during the day included NESTLE (1.87%), MTL (1.03%), PKGS (2.36%), ATLH (0.67%), and APL (0.62%).
