KSE-100 gains 807 points as positive triggers aid bulls' comeback

Bulls made a return to the Pakistan Stock Exchange (PSX) with the KSE-100 gaining 807 points amid renewed optimism as volume and value of shares traded also improved on Tuesday.

The benchmark gained as much as 887.50 points in intra-day trading as the KSE-100 recorded a high of 46,623.76.

At close on Tuesday, the KSE-100 finished higher by 806.65 points or 1.76% to settle at 46,542.91.

KSE-100 ends with 13-point drop

“The rally is attributed to renewed optimism over the International Monetary Fund (IMF) programme and a joint session of the parliament scheduled for tomorrow (Wednesday). The PKR also gained strength against the greenback amid expectations of the receipt of Saudi loan,” said Topline Securities in its post-market comment.

The government also decided to keep petrol prices unchanged, while the Economic Coordination Committee (ECC) of the Cabinet also approved Rs134.783 billion for payment to IPPs on second installment (60 percent) as per payment mechanism.

ECC approves Rs134.783bn for payment to IPPs, Rs4.785bn to ECP

On the corporate front, Waves Singer Pakistan Limited (WSPL) announced that it has secured a corporate order worth Rs1.438 billion from Coca-Cola.

Sectors driving the benchmark KSE 100 index upwards on Tuesday included cement (176.54 points), technology and communication (119.66 points) and oil and gas exploration (95.64 points).

Volume on the all-share index increased from 172.85 million on Monday to 243.20 million on Tuesday. The value of shares traded also improved, amounting to Rs10.43 billion from Rs5.13 billion on Monday.

Ghani Global Holdings was the volume leader with 16.61 million shares, followed by TPL Properties XB with 15.24 million shares, and Waves Singer with 11.02 million shares.

Shares of 351 companies were traded on Tuesday, of which 239 registered an increase, 89 recorded a fall, and 23 remained unchanged.