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Stocks make recovery of 761pts in early trading

Stocks make recovery of 761pts in early trading

KARACHI: The Pakistan Stock Exchange started new week on positive note and made recovery of 761 points to reach 46673 points level in early trading on Monday.

On Friday, after witnessing a rebound in the first four sessions of the week of 611 points, the market nosedived by more than 1,600 points during the first of half of Friday ahead of the Supreme Court’s decision regarding the disqualification of the prime minster.

However, the market recovered sharply to close 6 points up after the Supreme Court announced the disqualification of the PM Nawaz as value hunters saw it as an end to longstanding uncertainty. Overall, the market closed 1.4 percent WoW higher with trading volumes increasing by 48 percent WoW to 198 million shares/day and average traded value rising by 36 percent WoW to $97 million/day. Key top charters were Foods (+10 percent WoW) and Refineries (+6 percent WoW) while among the laggards were Sugar and allied industries (-3 percent WoW) and Cements (-2 percent WoW) during the week.