Bulls return to the bourse, as the benchmark KSE-100 Index closed on a positive note with a gain of 573 points, as volume and value of shares traded improved from the last close on the second day of the week.
The benchmark KSE-100 index accumulated 785.39 points, recording an intraday high of 44,066.16, as the index crossed the 44,000 level.
At the close of the day, the benchmark index settled higher by 572.72 points or 1.32% at 43,853.49.
“Positive day for the KSE-100 today, as the world drifted towards a good news of reduced risk of OMICRON, which has helped the international commodities and equities to rally across the globe,” said Arif Habib Limited in its post-market comment.
KSE-100 Index ends day at flat note
Meanwhile, Topline Securities attributed the rally to the news flow regarding the Pakistan Democratic Movement (PDM) “where they deferred resignation and hold ‘Mahngai March’ in March.”
On Monday, the PDM announced to hold an “anti-inflation march” on March 23rd in Islamabad on the eve of Pakistan Day, while it failed once again to evolve consensus on the option of en masse resignations from the assemblies as part of its ongoing anti-government movement.
PDM says will hold ‘anti-inflation march’ on March 23rd
On the economic front, cement despatches registered an increase of 6.91% in November 2021 as total cement despatches during the month were 4.82 million tons against 4.5 million tons despatched during the same month of last fiscal year.
Sectors pushing the benchmark index upwards included the oil and gas exploration sector (115.69 points), technology and communication (105.54 points), and cement (81.46 points).
Volume on the all-share index improved from 176.91 million to 229.38 million on Tuesday. The value of shares also increased, amounting to Rs8.37 billion, up from Rs6.08 billion on Monday.
Telecard Limited XB was the volume leader with 27.01 million shares, followed by TPL Properties with 15.71 million shares, and Treet Corporation at 14.76 million shares.
Shares of 347 companies were traded on Tuesday, of which 247 registered an increase, 82 recorded a fall, and 18 remained unchanged.