KARACHI - Pakistan stocks showed recovery with investors’ interest mainly in oversold stocks across the board amid speculations ahead of privatisation of SOEs based on commitments with IMF.

At local equity market benchmark KSE-100 share index posted a fresh gain of 215.62 points or 0.99 percent to stop the day at 22080.47 points compare to 21864.85 points of the previous day.  Analyst at Arif Habib, Ahsan Mehanti said improved local cement sales data for Sep ‘13, hopes for early auctions of 3G licenses in telecom sector and easing political concerns played a catalyst role in bullish sentiments at KSE despite concerns for uncertainty in global stocks and limited foreign interest on possible US debt default impacting emerging markets.

KSE-All share index up by 124.19 points or 0.78 percent to end the day at 16023.67 points, KSE-Allshare index gained 185.24 points or 1.12 percent to finish the day at 16758.32 points while KMI-30 share index grew by 203.49 points or 0.55 percent to conclude the day at 37513.30 points.

Equity dealer at Topline Securities Samar Iqbal said led by banking sector market recovered to close above 22,000 points mark with improving volumes. Institutional support in banking sector helped it post gains, which has been witnessing selling pressure after SBP move to link PLS rate with repo rate. While PSO, PPL and OGDC also remained supportive. Stock decreased by 9pc with 11m shares volume. Market traded 93.783 million shares on Tuesday after opening at 84.099 million shares and the value of traded shares was climbed to Rs 2.885 billion from Rs 2.634 billion. Capitalisation of the market maintained at Rs 5.246 trillion compared to Rs 5.204 trillion of a day earlier. 

TRG Pakistan Limited was the day volume leader with 11.236 million shares shed by Re 0.88 to Rs 8.91. Bank of Punjab was on the second position with 7.021 million shares up by Re 0.10 to Rs 10.77.

It was followed by Pak Elektron(R) with 5.586 million shares without any change maintained at Rs 4.29, National Bank with 3.569 million shares extended by Rs 1.45 to Rs 49.99 and Bank Al-Falah with 3.387 million shares grew by Re 0.59 to Rs 21.58.

Trading took place in 333 companies where gainers outnumbered the losers 168 to 139 while the value of 26 stocks not changed .Rafhan MaizeXD was the biggest price gainer increased by Rs 160 to Rs 5200 followed by Nestle Pak up by Rs 100.45 to Rs 6298.78. Wyeth Pak Limited and Pak TobaccoXD were the top losers of the day decreased by Rs 102.50 to Rs 4125 and Rs 17 to Rs 323.