KARACHI: The trading session commenced on a negative trajectory on Thursday, yet it witnessed a subsequent rebound as hours progressed.
Notably, JS Global highlighted that there was observable buying activity, particularly within the oil sector, during the latter part of the trading session. The second half of the session witnessed robust demand for refinery stocks as well. Companies like Attock Refinery Ltd, National Refinery Ltd, and Pakistan Refinery Ltd experienced a resurgence after being in a corrective phase subsequent to the approval of the Refinery Policy.
However, Engro Corporation Ltd delivered a dividend payout that fell short of market expectations, disappointing investors, as per the insights provided by JS Global. “In the days ahead, our recommendation for investors is to consider a buy-on-dips strategy for the banking, exploration and production, and textile sectors,” suggested JS Global. Consequently, the KSE-100 index concluded at 48,325.84 points, reflecting an increase of 179.40 points or 0.37% compared to the previous session.
The total trading volume witnessed a 16.6% rise, reaching 226.9 million shares, while the traded value experienced a 30.6% decline, amounting to Rs10 billion on a day-to-day basis. Prominent contributors to the trading volume included Dewan Automotive Engineering Ltd (25.2 million shares), JS Bank Ltd (14.3 million shares), Pakistan Refinery Ltd (12.5 million shares), Oil and Gas Development Company Ltd (9.3 million shares), and Pakistan Petroleum Ltd (7.3 million shares).
Regarding share price movement, the companies recording the most significant increases in their stock prices in absolute terms were Ismail Industries Ltd (Rs42.50), Sanofi-Aventis Pakistan Ltd (Rs38), Exide Pakistan Ltd (Rs26.95), Pakistan Tobacco Company Ltd (Rs21.93), and Systems Ltd (Rs15.97). Conversely, the firms that registered the most substantial declines in their share prices in absolute terms were Sapphire Fibres Ltd (Rs91.50), Rafhan Maize Products Company Ltd (Rs53.20), Philip Morris Pakistan Ltd (Rs17.79), Murree Brewery Company Ltd (Rs12.15), and Engro Corporation Ltd (Rs11.59). Foreign investors concluded as net buyers, having acquired shares worth $1 million.
