The KSE-100 index surged by 1014.91 points or 2.70 percent to close at 38,562.40 points. Trading activity also improved significantly as daily volumes on the ready counter increased to 157.103 million shares as compared to 64.429 million shares traded last Friday.
Foreign investors remained net sellers of shares worth $0.6 million. The market capitalization increased by Rs 203 billion to Rs 7.821 trillion. Out of total 345 active scrips, 233 closed in positive, only 90 in negative while the value of 22 stocks remained unchanged.
K-Electric was the volume leader with 22.848 million shares. It gained Re 0.47 to close at Rs 6.29 followed by TRG Pak that increased by Rs 1.07 to close at Rs 23.15 with 7.716 million shares. Mari Petroleum and Siemens Pak were the top gainers with Rs 43.60 and Rs 22.79, respectively to close at Rs 1,344.45 and Rs 824.99. Al-Ghazi Tractors and Shezan International were the top losers with Rs 27.85 and Rs 23.75, respectively to close at Rs 532.15 and Rs 451.25.
BR Commercial Banks Index surged by 219.48 points or 2.7 percent to close at 8,340.10 points with total turnover of 14.122 million shares.
BR Cement Index increased by 141.7 points or 3.5 percent to close at 4,186.69 points with 17.037 million shares.
BR Oil and Gas Index gained 151.97 points or 3.4 percent to close at 4,627.07 points with 12.330 million shares.
BR Tech. & Comm. Index inched up by 29.25 points or 3.07 percent to close at 982.58 points with 16.156 million shares.
BR Power Generation and Distribution Index closed at 6,189.56 points, up 296.64 points or 5.03 percent with 24.284 million shares.
Maaz Mulla at JS Global Capital said that the market witnessed recovery in the trading session as value investors took the opportunity to buy stocks at attractive prices. The KSE-100 index made an intraday high of plus 1,079 points to close at a level of 38,562 on back of assurances from Crown Prince of Abu Dhabi to help bring Pakistan out of financial crisis.
The financial package worth $3 billion and discussions regarding an oil credit facility worth $3.2 billion boosted investor confidence.
E&P sector drove the market, cumulatively contributing plus 202 points to the index as crude oil prices recovered in international market. PPL (up 4.4 percent), POL (up 2.7 percent) and OGDC (up 3.8 percent) were the major movers of the mentioned sector. Cement sector closed higher than its previous day close as investors took the opportunity to buy stocks at attractive prices. LUCK (up 4.4 percent), MLCF (up 5.0 percent), DGKC (up 3.6 percent) and PIOC (up 3.6 percent) closed in the green belt. Heavy volumes were witnessed in the banking space where major gainers of the sector were UBL (up 5.0 percent), MCB (up 3.3 percent), ABL (up 4.1 percent), HBL (up 3.3 percent) and BAHL (up 4.2 percent).