Karachi: Bulls staged a remarkable comeback on Monday with the KSE-100 index recovering entire losses of last week with a huge gain of 384.33 points to close just a stone’s throw away from 35,500 points, at 35,496.62. Most market participants attributed the bullish fervour to the Greece bailout package which helped international and local markets to recover.
“Although no one was worried about the impact of Greek crisis on the fundamentals of KSE listed companies, there was the fear of flight of foreign investors,” said a broker.
Foreign outflow did not cease on Monday with the net sale of $2.32 million, investors took heart by the possible resolution of European crisis and the return of the overseas investors who now command nearly 33 per cent of the market free-float.
Traded volume increased by 9pc to 346m shares, while value improved 21pc to Rs13.1 billion.
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Renewed interest was witnessed in index heavyweight stocks like Lucky Cement, Engro Corp, Fauji Fertiliser and United Bank which gained 4.6pc, 4.1pc, 3pc and 2.4pc, respectively.
Dealers at brokerage Topline Securities commented that in anticipation of better corporate results expected to be announced this week, Engro and Fauji Fertiliser Bin Qasim closed at their upper-circuits while DG Khan Cement rallied 3.5pc and Maple Leaf Cement by 2.4pc.
Analyst Ahsan Mehanti at Arif Habib Corp said that the stocks closed bullish led by second- and third-tier scrips in cement, fertiliser and textile sectors.
However, concerns for decline in global crude prices had an adverse impact on the oil sector.
Analyst Ahmed Saeed Khan at JS Global pointed out that the index at its lowest point touched 100 points in the red, whereas it showed intra-day gains of 438 points.
