Stocks rebound after lengthy slide: KSE index sets highest-ever single day gain of 960.50 points

The KSE-100 index witnessed highest-ever single day increase of 960.50 points or 8.60 percent to close at 12,122.67 points level on the back of revised risk management measures taken by Securities & Exchange Commission of Pakistan to check the continuous declining share market.
"The market witnessed heavy selling pressure during the last couple of months and the KSE-100 index declined by over 28.78 percent or 4513.17 points from its all time high level of 15,676.34 registered on April 18, 2008 due to investors concerns over the country's negative economic and political outlook," analysts said and added that the market took upward trend with across-the-board heavy buying following the revised risk management measures taken by the regulator and the index witnessed highest single-day increase.
Earlier, the index witnessed record single-day increase of 643.04 on January 3, 2008. The parallel, free float market capitalisation based KSE-30 index surged by 1,219.28 points and settled at 13,969.56 points. The market started on a strong positive note with 351.38 points in positive and the bulls took complete control as the index hit 12,123.05 points intra-day high level.
The overall market capitalisation increased by Rs 284 billion to Rs 3.370 trillion. The market witnessed healthy trading activity as the ready market volume increased to 183.854 million shares as compared to 154.793 million shares traded a day earlier.
The futures market turnover however declined to 47.676 million shares against 51.887 million shares on Monday. Trading took place in 340 scrips, of which 299 scrips closed in positive, only 27 scrips in negative while the value of 14 scrips remained unchanged.
The E&P giant, OGDC was the star performer of the day with 16.502 million shares gaining Rs 11.70 to close at Rs 128.70. POL increased by Rs 34.34 to close at Rs 377.77 with 5.744 million shares.
Heavy buying was also witnessed in cement sector, as DG Khan Cement and Lucky Cement surged by Rs 5.66 and Rs 8.83 to close at Rs 62.27 and Rs 97.18 with 8.525 million shares and 6.240 million shares respectively. Hub Power gained Rs 1.64 to close at Rs 29.69 with 6.763 million shares. Fauji Fertiliser Bin Qasim increased by Rs 3.27 to close at Rs 36.02 with 6.445 million shares. PTCL surged by Rs 3.61 to close at Rs 39.71 with 6.240 million shares.
In banking sector, NIB Bank and MCB Bank increased by Rs 1.01 and Rs 25.55 to close at Rs 11.19 and Rs 281.10 with 5.465 million shares and 5.217 million shares respectively. Engro Chemical gained Rs 24.87 to close at Rs 273.57 with 5.035 million shares.
Wyeth Pak and Nestle Pakistan were top gainers with Rs 193.90 and Rs 103.50 to close at Rs 2165.90 and Rs 1350.00 respectively while Siemens Pak and Colgate Palmolive were the highest losers with 10.00 and Rs 6.03 to close at Rs 1440.00 and Rs 597.22 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that intense buying activity witnessed as SECP took market stabilisation measures. The market remained in positive zone throughout the day and buying was witnessed in almost all sectors. Rising oil prices in the international market to $136 per barrel also invited fresh buying in the relevant stocks.