The Pakistan Stock Exchange (PSX) witnessed another range-bound session on Tuesday, but positive momentum prevailed as the benchmark KSE-100 Index ended with a gain of 0.42%, while volumes improved from the previous session.
At close on Tuesday, the benchmark KSE-100 Index settled with an increase of 173.75 points or 0.42% at 41,714.30.
KSE-100 falls 0.38% amid negative sentiment
The market opened in the red but positive triggers shifted market sentiments.
Index-heavy commercial banks closed with gains while auto, cement and oil and gas exploration companies ended the day on losses.
A report from Capital Stake said that indices accumulated gains for the most part of the day, while volumes surged from previous close.
“As per analysts, anticipation of a multibillion-dollar loan from Saudi Arabia helped improve investors’ confidence,” said the report.
In a key development, it was reported on Monday that Pakistan would likely secure a multibillion-dollar financial support package from long-time ally Saudi Arabia this month, as the country awaits the ninth review of a $7 billion IMF bailout package.
On the economic front, rupee registered a fall for the seventh straight session against the US dollar on Tuesday, and lost Re0.05 or 0.02% in the inter-bank market to close at 224.70.
Sectors driving the benchmark KSE-100 north included, fertilizer (83.95 points), banking (67.03 points) and miscellaneous (43.91 points).
Volume on the all-share index increased to 144.8 million from 133.5 million on Monday. The value of shares traded inched up to Rs3.75 billion from Rs3.23 billion recorded in the previous session.
PTCL was the volume leader with 15.37 million shares, followed by Dewan Farooque Motors Limited with 9.59 million shares, and WorldCall Telecom with 8.63 million shares
Shares of 321 companies were traded on Tuesday, of which 122 registered an increase, 170 recorded a fall, and 29 remained unchanged.
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