Stock market gains 292 points in volatile trading

KARACHI: The stock market gained 292 points on Thursday amid highly volatile trading sessions.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,796 points from previous day’s closing of 36,504 points with gain of 292 points.
Analyst at Next Capital Limited said that the decline in international oil prices after the US Energy Information Administration (EIA) reported a much bigger than expected rise in commercial crude inventories kept the oil stocks under pressure throughout the day.
Pakistan Petroleum Limited recorded (-0.43 percent) and Pakistan Oil Fields (-0.86 percent).
Market participation for the 100 index decreased to 84.2 million from 93.1 million in the previous session.
Major contribution to total market volume came from BOP, WTL, and LOTCHEM churning 25.1 million shares out of the total market all share volume of 106.8 million shares.
Analysts at Topline Securities said that following fall of around 5.5 percent in month of April (till 24th), index slightly recovered 0.8 percent as amnesty scheme is likely to be presented in front of cabinet next week.
Further, likely meeting of Prime Minister Imran with IMF chief in China and expected arrival of IMF mission from Apr 27-30, 2019 also restored investors confidence in getting bailout package.
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