Continuing its bullish trend that started after five days of Eid holidays on Monday, Pakistan Stock Exchange’s benchmark KSE 100-share index reached an all-time high of 39,069.65 after gaining 663 points or 1.82 per cent during intraday trade on Tuesday.
The increase in the benchmark index, which settled at 39,031 points (up 1.73 per cent) at the close of market on Tuesday, can be attributed to gains witnessed in regional and overseas markets, according to Inter Market Securities.
“International crude oil prices also staged a reversal on the back of a weaker dollar, but a global stocks overhang and a drop in bullish bets by investors still weigh on prices,” says Inter Market’s report.
The volume leader during the day was K-Electric Ltd with 39.2 million shares changing hands and closing at a per share price of Rs 8.28, up 2.34 per cent from the previous day’s closing price. It was followed by Sui North Gas with 15.9 million shares traded, up 0.22 per cent; Dewan Cement with 14.1 million shares, up 2.65 per cent; Engro Fertilizer with 10.67 million, up 1.18 per cent; and Fauji Cement with 7.6 million, up 3.7 per cent.
A rally was seen in the Energy and Utilities and Materials, whereas Pharmaceuticals was the only sector that lagged behind. With regard to contribution to index, Pakistan Petroleum Limited, Habib Bank Limited, Oil & Gas Development Co Ltd, Hub Power Company Ltd & Lucky cement added 261 pts while Feroze Mills Ltd – pharmaceutical – took away 26 pts.
At the end of Tuesday, all in all 179.2 million stocks were traded worth Rs 16.3 billion. The share price of 218 went up, that of 105 was depreciated and 17 stocks’ prices remained unchanged till the end of the second working day after Eid holidays.
“With today’s all time new high the 100 index gave its first ever closing above 39,000. With a minor trend line resistance hanging at 39,400 we believe the index is poised to test its next destination at 41,000,” said analysts at Inter Market Securities.
Foreign investors were witnessed as net buyers of Rs 1.3 billion on the day that surpassed the 39k bar in KSE-100 index, as per the data of National Clearing Company of Pakistan.