Stocks close positive on upbeat economic data

KARACHI: The Pakistani stock market showed a slight recovery on Thursday led by certificates selected on optimistic data of exports of 22.55 billion dollars (July-February) of 2022 as well as the Prime Minister’s relief program and incentives for a new industry.

“The rally in global equities and the surge in global crude oil prices acted as a catalyst in the bullish close,” said Ahsan Mehanti of Arib Habib Corp.

the Pakistan Stock Exchange The KSE-100 equity index gained 0.03%, or 11.60 points, to close at 44,525.72 points. The KSE-30 equity index gained 0.28%, or 49.07 points, to close at 17,409.86 points.

No less than 358 scripts were active, including 116 advanced, 209 rejected and 33 remained unchanged.

Ready market volumes were 188.66 million shares, compared to turnover of 235.03 million shares in the last trading session.

The trade deficit widened by 82.2% in the first eight months (July-February) of fiscal year 2021/22 to $31.959 billion from $17.535 billion in the same period of 2020 /21.

“Equities saw a mixed trend due to the Russia-Ukraine tensions impasse. The KSE-100 index sparked buying interest in oil and gas stocks due to a rise in global prices oil which has supported the index,” said an analyst at Pearl Securities.

Companies that recorded the highest gains include Rafhan Maize up Rs200 to close at Rs11,500/share, and Sanofi-Aventis up Rs61 to close at Rs960/share.

The companies that recorded the most losses were Nestle Pakistan down Rs 205 to close at Rs 5,540/share, and Sapphire Tex down Rs 55.90 to close at Rs 923.03/share.

The highest volumes were seen at TRG Pak Ltd with turnover of 15.14 million shares. The certificate gained 41 paisas to close at Rs79.13/share, followed by Oil & Gas Development Company with turnover of 11.65 million shares. It earned Rs1.99 to close at Rs94.98/share. Fauji Cement remains third with sales of 8.87 million shares. He lost 6 paisas to finish at 17.11/share.

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