KSE-100 extends gains, rises 0.89%

The Pakistan Stock Exchange (PSX) extended gains on Tuesday and the KSE-100 Index rose 0.89% after political clarity bolstered investor spirits and revived confidence in securities.

Former finance minister Ishaq Dar returned to Pakistan on Monday and took the oath as Senator on Tuesday. He is now set to become the minister for finance, thus fulfilling the rumours that have been making rounds in the market since the present government assumed power.

The KSE-100 finished the day with an increase of 366.69 points or 0.89% to close at 41,518.23.

Losing streak ends: KSE-100 rises 1.31% on revived sentiment

Trading began upward and the market crossed 41,500 point mark in initial hours. A wave of selling pressure gripped the KSE-100 Index and erased few of the gains however a buying spree, emerging towards the end of the session, lifted the index upward and it closed in the green.

Index-heavy automobile, cement, banking and oil sector scrips closed the day with gains.

A report from Capital Stake stated that extending gains made in previous session, the PSX once again ended the session in on Tuesday in green. Indices accumulated gains all day long while volumes jumped from last close, it said.

“Changes on the political front and return of Ishaq Dar as upcoming minister of finance helped in improving investors’ confidence,” it said. “Moreover, the start of result season also acted as a positive trigger for investors.”

A report from Arif Habib Limited stated that PSX witnessed a positive session as further clarity on political ground pushed the market in the green and maintained its upward trend from the previous close.

“Rupee continued to strengthen against US dollar giving the investors a boost in confidence,” it said. “In contrast to solid main board volumes, third tier companies continued to remain in the limelight.”

On the economic front, rupee gained for the third successive session and rose 1.31% or Rs3.1 against the US dollar at Rs233.9.

Sectors driving the benchmark KSE-100 Index north included oil and gas exploration (93.11 points), banking (54.93 points) and cement (42.48 points).

Volume on the all-share index rose to 230.65 million from 213 million on Monday. On the other hand, the value of shares traded inched up to Rs9.6 billion from Rs9.5 billion recorded in the previous session.

TPL Pakistan was the volume leader with 26.8 million shares, followed by TRG Pakistan with 20.8 million shares and K-Electric with 12.8 million shares

Shares of 338 companies were traded on Tuesday, of which 197 registered an increase, 111 recorded a fall, and 30 remained unchanged.