Stock market recovers losses after verdict in Al-Aziza case

December 24, 2018 (MLN): The KSE 100 index gained a meager 58 points by the end of today’s trading session, ultimately closing the session at 38,308 points. The benchmark index remained negative during initial hours of the session as Investors remained on the sideline due to political uncertainty regarding the outcome of Nawaz Sharif and Asif Zardari's graft cases.

The stock market managed to recover the losses after National Accountability Court (NAB) convicted Ex-PM Sharif in Al-Azizia Reference Case. The political uncertainty related to ex-President Zardari's case is largely diminished as the court found irregularities in fake accounts case, a report by Elixir Research stated.

Oil & Gas Marketing companies and Tobacco sector topped the net gainer’s chart by gaining 79 points, whereas Commercial Banks and Oil & Gas Exploration Companies ended the session within the red region by losing 61 points.

Among the index heavy weights, the scrips of PAKT (+4.87%), PSO (+2.05%), SNGP (+3.16%) and MTL (+3.05%) remained in the safe zone.

Throughout the day, the index moved between an intraday high of 38,347 points and an intraday low of 37,934 points, recording a range of 413 points, Around 57 million shares traded today for the scrips listed on the benchmark index with their total value recorded at Rs 2.9 billion.

The KSE All Share index, nonetheless, displayed similar stance by gaining merely 96 points by the day end and closing in at 28,480 points.

Over 74 million shares of the scrips listed within the broader KSE All Share Index were traded today, with their value recorded at Rs 3.3 billion. While the share price of 122 companies went up and 144 companies went down, the prices of 28 companies however remained unchanged

Going forward, it is expected that investors will continue to focus mainly on developments over negotiations between Pakistan and IMF (expected in mid of January 2019).

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