As a sequence of the reserved announcement made by the Supreme Court, stocks tumbled on Thursday after the declaration that corporate in the state’s exchequer will pay Gas Infrastructure Development Cess (GIDC). The index recovers greatly after a downfall by 575 points, as it was supported by explorations, oil and gas marketing, and technology stocks. With the loss of 182 points, the benchmark closed.
Banking, cement, and fertilizer stocks faced severe beating, and investors were also disinclined. Some noticed net purchases worth $2M by the foreigners that turned net buyers in a row. Also, some mutual funds targeted blue chips which pushed the index in a forward and positive trajectory.
The sectors that contribute to the unfortunate activity were fertilizer lower by 201 points, textile by 19 points, banks by 19 points, and investment bank by 27 points. Major movers were Cement and E&P. Earlier Maple leaf. Pioneer and Cherat gained values and then later on as international crude prices were on the rise, Oil and Gas Development Company, Pakistan Oilfields, and Pakistan Petroleum closed in the green zone. Fauji Fertiliser, Engro Corporation, Engro Fertiliser, Habib Bank, Dawood Hercules, and MCB were the main losers among scrips.