The Pakistan Stock Exchange (PSX) extended gains on Tuesday and the KSE-100 Index rose 0.39% owing to revival of investor sentiment.
A rise in trading volumes signaled restoration of interest of investors in Pakistan’s economy. By the end of the day, the KSE-100 Index was up 167.43 points or 0.39% to close at 42,928.62.
Trading began with a jump and the KSE-100 index stayed in the positive zone throughout the day. Late session selling erased few of the gains.
Cement, banking and fertiliser spaces recorded massive buying but automobile and chemical segments closed with a loss. On the other hand, oil sector ended the day on the mixed note.
A report from Capital Stake stated that bulls took charge of the PSX on Tuesday.
“Indices accumulated gains all day long, while volumes surged from last close,” the report said.
A report from Arif Habib Limited stated that a positive session was witnessed at the PSX.
“Due to the inclusion of four companies of KSE-100 index in Morgan Stanley Capital International (MSCI) Frontier Market Pakistan.”
The KSE-100 Index opened in a positive zone and while driven by the bulls gained 315 points. Investor’s sentiments were improved in comparison to the previous few sessions owing to the positive news and hence comparatively better volumes were observed in market.
Main board volumes comparatively improved on Tuesday whereas decent volumes were observed in the third tier stocks today as well.
On economic front, foreign direct investment (FDI) declined by 62% on year-on-year basis to $94.88 million in the month of October 2022. On month-on-month basis, FDI was up by 13%.
In addition, the Pakistani rupee gained Rs0.25 or 0.11% per dollar ending the session at Rs223.42.
Sectors painting the benchmark KSE-100 index in green included, fertiliser (61.13 points) technology and communication (50.80 points) and cement (21.78 points).
Volume on the all-share index rose to 196 million from 132.9 million on Monday. The value of shares traded rose to Rs6.8 billion from Rs4.6 billion recorded in the previous session.
WorldCall Telecom was the volume leader with 18.6 million shares, followed by TPL Properties with 18.5 million shares and Hascol with 15.4 million shares
Shares of 338 companies were traded on Tuesday, of which 171 registered an increase, 138 recorded a fall, and 29 remained unchanged.