OUR STAFF REPORTER

KARACHI

Stocks showed strong recovery on Wednesday after reports on renewed foreign interest in oversold blue chip scrips. The benchmark KSE 100-index posted a gain of 683.56 points or 2.16 per cent to close at 32,392.92 points.

After falling by 6.9% or 2,356 points in the last 10 consecutive secessions, the local bourse showed some recovery, observed Mohammad Rizwan, head of Sales Topline Securities. Lucrative valuation tempted investors to take fresh positions in index heavy stocks like MCB, ENGRO, DAWH and HUBC, which closed up by 2-5%. BOP, TRG and PAEL were the most traded stocks as they depicted a turnover of 17m, 15m and 13m shares respectively.

Total volume grew by 1% to 191m shares versus 189m shares of the previous day, and the value traded increased by 20% to Rs9.3b ($90m) from Rs7.7b ($73m).

Recovery in global equities, expectations for favorable data on auto, cement sales for Nov'15, upbeat CPI Inflation data for Nov'15 and investors interest in leverage stocks played a catalyst role in bullish sentiments, said analyst Ahsan Mehanti.

The top advancers were Unilever with per share price Rs6000.00 (110.00) and Hinopak Motor with per share price Rs1004.95 (47.85).

The top decliners were Ghandhara Ind with per share price Rs296.89 (14.20) and Noon Pakistan with per share price Rs253.52 (13.34).