Despite foreign selling, Pakistan Stock Exchange (PSX) Tuesday witnessed a positive trend and the benchmark KSE-100 index rose by 192.54 points to close at 42,631.58 points. Foreign investors were net sellers of shares worth $18.2 million however local investors and institutional buying supported the index to close in positive.
Trading activity also increased to 467.002 million shares as compared to 347.088 million shares traded Monday. The market capitalisation increased by Rs 59 billion to Rs 8.674 trillion. Out of the total 428 active stocks, 260 closed in positive, 152 in negative while the value of 16 scrips remained unchanged. Pace (Pak) Limited was the volume leader with 45.774 million shares. It gained Rs 0.92 to close at Rs 12.03 followed by Summit Bank that lost Rs 0.27 to close at Rs 37.365 million shares. P.I.A.C. (A) inched up by Rs 0.18 to close at Rs 12.72 with 34.227 million shares.
Wyeth Pak and Nestle Pakistan were the top gainers with Rs 215.89 and Rs 200.00, respectively to close at Rs 4,533.87 and Rs 8,500.00. Rafhan Maize and Exide (Pak) were the top losers with Rs 47.50 and Rs 34.47, respectively to close at Rs 7410.00 and Rs 1099.82.
Nabeel Haroon at JS Global Capital said that the market continued its positive trend. E&P sector was major index mover, as the sector gained to close higher 1.71 percent from its previous day close on the back of increase in oil prices. An analyst at Global Securities said that after two days of dull trading the local bourse witnessed a compelling session as the KSE-100 index remained buoyant throughout the day with a 22 percent surge in volumes. The E&P sector continued to track rising International oil prices supporting index with the highest contribution of 85 points. HUBC also supported the index by 27 points over anticipation of depreciation in local currency. However HBL and UBL remained the major culprit to drag index down by 57 points over possible foreign selling.
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