KARACHI

Stocks on Thursday showed recovery amid institutional support in banking and fertilizers scrips on speculations ahead of earning announcements due next week.

The KSE-100 Index regained its momentum to close at 35937.56 points up by 44.56 points or 0.12pc.

Bearish sentiments were witnessed in the cement sector after ACPL announced installing a new production line of 3,300 tons/day clinker capacity at the existing plant site with an estimated capital outlay of $120m. MLCF, KOHC and FECTC closed down by 1.7pc, 1.8pc and 1.7pc respectively.

In the oil sector, POL closed up 0.6pc after the company announced FY15 earnings of Rs35.76/share and a cash dividend of Rs25/share, while ATRL closed down by 4pc after the company announced earnings of Rs21.27. SNGP up 5pc and SSGC rose 2.9pc continued euphoric growth due to anticipation of gas tariff hike, observed analyst Arhum Ghous. Traded volume was up by 5pc to 380m shares, while value declined by 18pc to Rs.11.06b/ $110m.

Announcement of cement plant expansion by ACPL resulted in cement stocks like DGKC, FCCL and MLCF to decline by 0.98-1.39pc. POL also announced its FY15 result with dividend of Rs25/share that was well above market’s consensus estimates. This led the stock to close up by 0.53pc, said a research report of leading brokerage.

Major activity was witnessed in second tier stocks like, SilkR1, KEL and TRG with traded volumes of 54m shares, 47m shares and 21m shares respectively.

Sentiments remained weak on global commodities fall, political uncertainty, dismal exports data and falling earnings in oil sector.

Hopes for release of IMF tranche and expectations for revision of power tariff played a catalyst role in positive close, stated analyst Ahsan Mehanti.