After Monday's selling spree, Pakistan equities witnessed a more subdued session on Tuesday as the benchmark KSE-100 swayed both ways before closing positive with a gain of 0.26% to end a five-session negative run as well.
On Monday, the benchmark KSE-100 Index suffered its biggest fall – in terms of percentage – of 2022 after a 3.23% decrease owing to uncertainty over inflows from the International Monetary Fund (IMF), rising domestic political noise, and a bearish run in regional stock markets combined to take a toll on investor-sentiments.
KSE-100 suffers its biggest fall this year as panic grips PSX
The market opened sideways on Tuesday as well, with the benchmark index dropping to an intra-day low of 43,263. However, a minor recovery meant the index managed a finish over the 43,500 level.
At close, the benchmark index settled at 43,504.36, an increase of 111.22 points or 0.26%.
“Value hunting kicked in, which supported the benchmark index,” said Topline Securities in its post-market comment.
The recovery comes despite Pakistan's rupee falling to its all-time low in the inter-bank market after a fourth successive session of losses on Tuesday. As per the State Bank of Pakistan (SBP), the rupee closed at 188.66 after a day-on-day fall of Rs1.13, or 0.60%.
On the corporate front, Adamjee Life Assurance Company Limited informed the Pakistan Stock Exchange (PSX) that Manzar Mushtaq was appointed Chief Executive Officer of the company with effect from May 24, 2022 for the term of three years in place of Umer Mansha.
Meanwhile, sectors adding gains to the KSE-100 index included fertiliser (50.34 points), technology and communication (21.32 points) and chemical (18.10 points).
Volume on the all-share index decreased to 233.86 million from 305.21 million on Monday. The value of shares traded also declined significantly to Rs6.86 billion from Rs9.24 billion recorded in the previous session.
Cnergyico PK was the volume leader with 19.09 million shares, followed by Pak Refinery with 13.87 million shares, and Pakistan International Bulk Terminal Limited with 13.20 million shares.
Shares of 337 companies were traded on Tuesday, of which 151 registered an increase, 163 recorded a fall, and 23 remained unchanged.