A mixed session was witnessed at the Pakistan Stock Exchange (PSX) on Tuesday as the benchmark KSE-100 index recorded a marginal gain, while value and volume of shares traded improved considerably.
Trading began sideways, but the index soon gained to hit its intra-day high of 40,135.44. However, profit-taking kicked in soon enough with all intra-day gains erased as investors keenly awaited the Supreme Court's decision on the Punjab chief minister's re-election case.
At close, the KSE-100 index settled with a marginal gain of 50.03 points or 0.13% to close at 39,894.05.
KSE-100 falls 0.58% to close below 40,000, volume plunges to 75mn shares
“Supreme Court judgment expected today is likely to change the political setup in Punjab and put the centre in a difficult situation. Therefore, markets remain uncertain as political turmoil deepens,” said Trust Securities and Brokerage Limited in a note.
Meanwhile, Pakistan's rupee maintained its downward trajectory against the US dollar with the currency closing near the 233 level in the inter-bank market on Tuesday.
On the corporate front, Avanceon Limited informed the bourse that it has partnered with Compressor Controls Corporation (CCC) to retrofit a high-value (over $1.0-million) up-gradation project for one of the largest fertiliser companies in Pakistan.
Sectors driving the benchmark KSE-100 index upwards on Tuesday included banking (107.83 points), fertiliser (43.52 points) and technology and communication (27.09 points).
Volume on the all-share index increased significantly to 131.86 million from 75.43 million on Monday. Similarly, the value of shares traded went up to Rs4.21 billion from Rs1.83 billion recorded in the previous session.
TPL Properties Limited was the volume leader with 19.63 million shares, followed by Cnergyico PK with 11.89 million shares, and Lotte Chemicals with 11.11 million shares.
Shares of 302 companies were traded on Tuesday, of which 148 registered an increase, 130 recorded a fall, and 24 remained unchanged.
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