Equities extend overnight recovery rally

Dawn reported that the benchmark KSE-100 closed 0.46 per cent higher on Thursday at 166,186.17, a gain of 768.66 points, as buying carried into a second consecutive session. Topline Securities said the index traded between 165,613 and 166,877 and kept its positive momentum through most of the day. Selective accumulation in heavily weighted stocks, following the recent correction, provided much of the support.

Investor sentiment stayed cautious because of swings in oil prices, Middle East tensions and domestic economic data. Ali Najib of Arif Habib said selling in some stocks at higher prices trimmed part of the gains. Ten index stocks, including Systems, Hub Power, Oil and Gas Development Company and Meezan Bank, together added 560 points.

The report also cited continued Houthi attacks on Saudi Arabia, which targeted airports and oil facilities. Trading volume fell 11.65 per cent to 517.6 million shares, while turnover rose 17.42 per cent to Rs23.5 billion. Cnergyico PK led the volume chart with 62.8 million shares.