KSE-100 up 0.79% as bullish momentum continues

The Pakistan Stock Exchange (PSX) carried forward gains made in the previous session, as the benchmark KSE-100 moved 363 points higher on Tuesday.

On Monday, the benchmark index gained 134 points to finish over the 46,000 level for the first time in almost 15 months.

During the trading session on Tuesday, the benchmark index maintained a positive run and hit an intra-day high of 46,540.88.

At close, the KSE-100 settled at 46,417.34 after an increase of 362.53 points or 0.79%.

Buying was witnessed in index-heavy sectors including automobile assemblers, commercial banks, oil and gas exploration companies and OMCs driving the index upwards.

Since the staff-level agreement (SLA) with the International Monetary Fund (IMF) on June 30, the KSE-100 has surged 4,964 points or 11.98%.

Sectors contributing positively to the benchmark index on Tuesday included banking (186.02 points), oil and gas exploration (59.09 points) and technology and communication (32.09 points).

On the economic front, the Pakistani rupee’s fall continued for the eighth consecutive session against the US dollar, as it depreciated 0.21% to settle at 288.52.

On the corporate front, Fauji Fertilizer Company Limited (FFC) posted net profit of Rs13,079 million, alongside an earnings per share (EPS) of Rs10.28 during 1HCY23, up by 36% YoY.

Volume on the all-share index increased to 319.9 million from 299 million on Monday. The value of shares traded rose to Rs10.26 billion from Rs8.14 billion in the previous session.

WorldCall Telecom was the volume leader with 41.9 million shares followed by Fauji Foods Limited with 26.1 million shares and K-Electric Limited with 15.6 million shares.

Shares of 350 companies were traded on Tuesday, of which 197 registered an increase, 128 recorded a fall and 25 remained unchanged.