After a bearish trend throughout last week, Pakistan Stock Exchange KSE benchmark 100-share index is going slightly upward since the start of this week.
The KSE 100-share index gained 187.34 points or 0.48 per cent to close on 39,663.71 on Tuesday, in continuation of the 85 points gain on the previous day.
‘’Following a positive start, the 100-index gained 240 points within the initial half an hour and then went on to clock in an intraday high of 261.40 points before coming off its high and closing on a strong note,’’ said analysts at Intermarket Securities.
According to the report by Intermarket Securities, the gain can be attributed to the recovery in global markets on the back of 2.7 per cent gain in crude oil prices overnight, lowering inflation in China and Reserve Bank of India’s stable monetary policy. Market participation also expanded to 134 million shares compared to the 100 million shares on Monday.
Oil and Gas Exploration sector led the rally with Oil and Gas Development Company Limited, Pakistan Oilfields Limited and Pakistan Petroleum Limited’s share price appreciating 1.43 per cent, 3.5 per cent and 1.42 per cent respectively. Banks, Automobiles, Fertilizers and Multi-utilities also contributed towards uplifting the 100-index on second working day of the week.
In the banking sector MCB was the worst performer during the day taking away 31 points with its share price going down by 1.73 per cent while HBL was the top performer which added 47 points to the index with 1.74 per cent appreciation in share price.
The cement sector failed to resume its northbound journey despite being up during the initial half of the day. D.G.K Cement’s share price depreciated by 0.13 per cent, Lucky Cement’s by 0.67 per cent, Maple Leaf Cement Factory’s by 0.25 per cent and Kohat Cement’s by 1.97 per cent thus reflecting negative sentiment for the sector.
The volume leader during the day was K-Electric with 33 million shares changing hands and closing at per share price of Rs 8.68, up Rs 0.01 from last day’s closing price of Rs 8.67. It was followed by Sui Southern Gas with 11.1 million shares traded, up Rs 1.53; PTCL with 8.25 million shares traded, up Rs 0.14; Fauji Cement with 8.22 million shares traded, up Rs 0.43 and Tri-star polyester with 7.8 million shares traded, up Rs 0.29 compared to the closing price of Monday.
In total 133 million stocks worth Rs 9.1 billion were traded on Tuesday. The share price of 199 stocks went up, that of 133 was depreciated and 18 stocks’ prices remained unchanged till the end of the second working day of the week.
“The 100-index is expected to make an attempt towards reclaiming lost ground, potentially aiming for its all-time high of 39,917.13,” the Intermarket Securities said.