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Stocks stage strong recovery with 678-point surge [The Nation] 05 May, 2017

KARACHI - The Pakistan Stock Exchange (PSX) staged a strong recovery led by scrips across the board on institutional buying post strong quarter-end earnings announcements. The market relegated prevailing politics, as investors quickly realised that The Force was stronger given the MSCI-EM index inclusion is around the corner. Subsequently, the KSE-100 index surged 679 points (up 1.4%) and closed at 49,284 points.

Naturally, index leaders were all MSCI heavy weights with HBL (gain 2.2%), ENGRO (3.1%), LUCK (2.1%), MCB (2.6%) & UBL (1.8%), adding 276 points to the gain, while COLG (slip 4.3%), DAWH (0.6%), PIOC (1.3%), JLICL (2.5%) & NESTLE (0.5%) eroded 27 points, observed analyst Adnan Sami Sheikh at Topline brokerage.

The OMC sector gained to close higher than its previous close as oil sales rose 16% MoM basis to 2.22 million tonnes in April 2017. APL (up 2.73) and HASCOL (0.98%) were the major movers of the aforementioned sector as impressive growth of 57% YoY and 54% YoY was recorded in sale volumes of APL and HASCOL, respectively. EPCL was today's volume leader, closing on its upper circuit with more than 39 million shares of the chemical company exchanging hands, said an analyst at JS Global.

Pressure remained in oil stocks on falling global crude prices and investors concerns remained over surging current account deficit. Easing political noise and record quarter-end corporate earning announcements in auto, textile and banking stocks played a catalyst role in higher close, market participants said.

The market volume increased 11% d/d to 288 million shares, while the traded value increased 18% to Rs15.4 billion/US$147 million.

Total 394 active companies participated in the session, of which 249 gained in value, 132 declined and 13 remained unchanged. Engro Polymer emerged volume leader with 39 million shares traded, followed by Invest Bank with 20 million shares traded and Aisha Steel Mills with 14.8 million shares traded were in limelight in the market.

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