KSE rebounds 1.26pc as global recovery stimulates buying

Recovery in global commodities and stocks market on Thursday revitalised buying appetite for Karachi stocks as the benchmark index gained 1.26 percent.
Analysts said recovery in global markets gained steam after concerns about slowing growth in China triggered a rout earlier this week.
The benchmark Karachi Stock Exchange (KSE) 100-share Index gained 423.87 points, or 1.26 percent, to close at 33,961.29 points.
The KSE 30-share Index was up 275.73 points, or 1.36 percent, to end at 20,592.39 points.
As many as 378 scrips were active; of which 258 advanced, 102 declined and 18 remained unchanged.
The ready market volumes stood at 223.249 million shares as compared to 278.693 million shares in the last trading session.
Analysts forecast that the positive momentum will maintain pace this week, saying however continuous foreign selling is expected to create a little uneasiness amongst the local investors.
Analyst Ahsan Mehanti at Arif Habib Commodities said KSE indexes witnessed strong recovery as bullish rally in global stock markets rejuvenated investor sentiments.
Moreover, a likely up-gradation of the integrated Pakistan stocks exchange to MSCI Emerging Market status by 2016 excited investors.
US stock futures and shares in Europe and Asia sharply rose, building on a rebound that began Wednesday after reassuring comments from central bankers and positive US economic data.
Analyst Ahmed Saeed at JS Global Capital said major support came from the oil sector, following recovery in international crude oil prices.
“Positivity also prevailed in the auto sector, which traded in black,” Saeed said.
Major gainers of the oil and gas sector included Pakistan Oilfields (surging 4.4 percent), Attock Refinery (up 1.4 percent) and HASCOL (rising 4.9 percent).
The announcement about new projects by the Asian Development Bank triggered buying interest for cement scrips.
Biggest gainers in the sector were Maple Leaf Cement (soaring 5.0 percent), Cherat Cement (surging 3.7 percent) and DG Khan Cement (up 2.3 percent).
Highest volumes were witnessed in Pace Pakistan Limited with a turnover of 15.839 million shares. The scrip inched up 66 paisas to close at Rs7.23/share.
It was followed by Jahangir Siddiqui Company Limited with a turnover of 13.715 million shares.
It was up Rs1.06 to end at Rs24.71/share. K-Electric Limited was the third with a turnover of 13.119 million shares. It increased seven paisas to finish at Rs7.71/share.