PSX sustains gains, KSE-100 up 0.61%

Investor sentiment at the Pakistan Stock Exchange (PSX) remained strong on Tuesday and the KSE-100 Index increased 0.61%.

Encouraging news related to expected resumption of the International Monetary Fund (IMF) programme in the ongoing month motivated the market participants to make fresh purchases.

The KSE-100 index closed the trading session at 41,923.46, an increase of 255.52 points or 0.61%.

KSE-100 rises 0.76% on budget optimism

Following an optimistic start, the market remained in the positive territory throughout the session. Uncertainty related the budget 2023-24, which is set to be unveiled on Friday, capped gains.

Major index heavyweights including automobile, cement, fertiliser and oil sectors closed in green while banking space ended the day on a mixed note.

A report from Arif Habib Limited stated that Tuesday’s trading session at the PSX was another success.

“The market opened in the green and continued to trade in the green throughout the day, courtesy of favourable news about the resumption of the long-stalled IMF program,” it said. “Investor activity was strong throughout the day as whisper of good budget for capital kept index moving.”

Across the board, healthy volumes were recorded, it said.

A report from Capital Stake cited that “carrying forward gains made in the previous session, the PSX ended the session on Tuesday in green”.

Indices traded in green all day long while volumes surged from last close, the report said.

Sectors pushing the benchmark KSE-100 Index towards the green zone included fertiliser (64.83 points), oil and marketing (43.65 points) and refinery (25.56 points).

Volume on the all-share index soared to 240.8 million from 145.2 million on Monday, while the value of shares traded jumped to Rs7.2 billion from Rs4.7 billion recorded in the previous session.

WorldCall Telecom was the volume leader with 24.4 million shares followed by Pak Refinery with 20.5 million shares and Cnergyico with 15.5 million shares.

Shares of 331 companies were traded on Tuesday, of which 198 registered an increase, 114 recorded a fall and 19 remained unchanged.