After reaching its all time high of 40,030 on Monday and continuing the rally in early hours of next day, the Pakistan Stock Exchange KSE benchmark 100-index struggled to keep up the momentum in the last two hours of Tuesday. However, it managed to end on a positive note.
The KSE 100-share index gained 19.65 points or 0.05 per cent to close on 40,050.17 on Tuesday – marginally higher than the previous session.
“Once again Exploration and Production Sector gave life to the index as crude oil prices remained near five-week high on Tuesday,” said a report released by Intermarket Securities.
According to the report, gains came on the back of Lucky Cement, National Foods Limited and EFU General Insurance’s share price appreciating by 0.96 per cent, 5 per cent and 2.59 per cent respectively which added 37 points to the index.
On the other hand, Hub Power Company, Bank Al-Habib Limited and Habib Bank Limited’s share price went down by 2.46 per cent, 1.57 per cent and 0.21 per cent respectively thus taking away 60 points from the 100-index.
Fertilizers remained buoyant while cements, pharmaceuticals, textile and power staged a mixed performance during the session on Tuesday.
The volume leader during the day was Dewan Cement with 18.4 million shares changing hands and closing at a per share price of Rs 18.40, up Rs 0.06 from the previous day’s closing price of Rs 18.34. It was followed by K-Electric with 17.1 million shares traded, down Rs 0.06; Dewan Salman with 13.3 million shares traded, down Rs 0.32; Dewan Motors with 11.9 million shares traded, down Rs 0.48 and TRG Pak Limited with 7.8 million shares traded, up Rs 0.19 compared to the closing price of Monday.
In total 240 million stocks worth Rs 13 billion were traded on Tuesday. The share price of 186 stocks went up, that of 162 depreciated and 23 stocks’ prices remained unchanged at the end of the second working day of the week.
“Technically speaking, the 100 index is expected to consolidate around these [current] levels before heading for 40,600; immediate resistance remains at 40,200,” said an analyst at Intermarket Securities.