KSE-100 sustains gains driven by lofty volumes, rises 0.34%

The Pakistan Stock Exchange (PSX) sustained gains on Tuesday and the KSE-100 index rose 0.34% amid strong investor participation.

Trading volumes recorded 220% spike reflecting increased confidence of investors in the market. At the end of the day, the KSE-100 index rose 138.73 points or 0.34% to close at 41,350.43.

The session began on a positive note and the market surpassed 41,500 point mark in initial hours. It maintained the rising trend for most part of the day, however, a selling spree, emerging towards the end of the session, erased few of the gains and market failed to sustain 41,500 point mark.

KSE-100 settles 0.2% higher as late-session selling erases gains

Index-heavy cement and chemical sectors ended the day in green however, automobile and oil sectors saw massive selling and posted losses. Banks and fertiliser spaces closed mixed.

Capital Stake, in its report, said that bulls dominated the PSX on Tuesday.

“Indices traded in green all day long, while volumes increased from last close,” he said.

In its report, Topline Securities stated that Pakistan equities closed positive where benchmark KSE-100 Index settled at 41,350 level (up 0.34%).

“The day kicked off on a positive note where initial gains were led by Hubco as the stocks continued Monday’s momentum,” it said.

On the economic front, the country’s trade deficit declined 30.62% year-on-year to $2.9 billion. During this time, exports fell 0.91% while imports contracted by 19.72%.

The Pakistani rupee recovered Rs1.65 or 0.73% against the US dollar to close the session at Rs225.64.

Sectors raising the benchmark KSE-100 Index higher, included technology and communication sector (75.46 points), power generation and distribution sector (53.55 points), and cement sector (47.52 points).

Volume on the all-share index skyrocketed 593.4 million from 185.4 million on Monday. On the other hand, the value of shares traded inched down to Rs9.35 billion from Rs9.4 billion recorded in the previous session.

WorldCall Telecom was the volume leader with 346 million shares, followed by Flying Cement with 30.4 million shares and K-Electric with 19.4 million shares

Shares of 352 companies were traded on Tuesday, of which 161 registered an increase, 165 recorded a fall, and 26 remained unchanged.