Bulls take control

The share market remained bullish Thursday with the KSE-100 index rallying by 374 more points or 1.18 percent to close at 32,147 points. The benchmark index opened at 31,773 index level of Wednesday and climbed to the session's high 32,234. "Bullish activity witnessed at PSX led by select scrips across the board after reports on Engro Foods sell-off bid announcements by Engro Corp," Ahsan Mehanti at Arif Habib Corp said.
Engro Corporation declared to have received a public announcement intention from FrieslandCampina International Holding BV of the Netherlands for the potential acquisition of its 51 percent shares in its subsidiary: Engro Foods Limited.
Trading turnover ended lower at 140 million shares worth Rs 9.29 billion compared to the previous Rs 10.93 billion. Of the 351 scrips traded, 153 posted gains, 173 lost their worth and that of 25 stayed unchanged. The market cap moved northward and accumulated to Rs 6.745 trillion. NO respite was seen in foreign investment where offshore investors offloaded portfolios worth $1.12 million. "Pull back in global equities, crude prices and falling T-bill yields played a catalytic role in bullish close in leveraged stocks at PSX," said Mehanti. Traded in futures contracts declined to 29 million from 34 million of last session.