The Pakistan Stock Exchange (PSX) turned bullish on Tuesday, with the benchmark KSE-100 Index gaining 457.17 points (+1.02 percent) to close at 45,274.93 points.
The market opened on a positive note but remained volatile throughout the trading session. However, the last two hours trading helped the index recover some of the losses made during previous sessions. The KSE-100 Index moved in a range of 547.1 points, showing an intraday high of 45,294.3 points and a low of 44,747.2 points.
Among other indices, the KSE All Share Index gained 217.89 points (+0.71 percent) to close at 30,762.2 points, while All Share Islamic Index gained 190.26 points (+0.88 percent) to close at 21,913.26 points.
A total of 372 companies traded shares in the stock exchange, out of them shares of 260 closed up, shares of 96 closed down while shares of 16 companies remained unchanged. Out of 95 traded companies in the KSE-100 Index, 66 closed up, 25 closed down, and four remained unchanged.
The overall market volumes increased by 63.47 million to 364.86 million shares. Total volume traded for the KSE-100 Index was 175.44 million shares. The number of total trades increased by 30,078 to 131,533, while the value traded increased by Rs2.85 billion to Rs14.03 billion. The market capitalisation increased by Rs55.38 billion.
Among scrips, TELE topped the volumes with 35.84 million shares, followed by BYCO (33.64 million) and WTL (22.14 million). Stocks that contributed significantly to the volumes include TELE, BYCO, WTL, NCL and UNITY, which formed 34 percent of total volumes.
The index on a sector-wise basis was propped up by technology & communication with 157 points, refinery with 40 points, food & personal care products with 36 points, oil & gas marketing companies with 35 points and fertilizer with 32 points. The most points added to the index were by TRG which contributed 126 points followed by MEBL with 36 points, POL with 33 points, SYS with 26 points and UNITY with 24 points.
The sector wise, the index was let down by chemicals with 12 points, miscellaneous with 6 points, automobile parts & accessories with 4 points, textile spinning with 2 points and paper & board with 2 points. The most points taken off the index were by COLG which stripped the index of 24 points followed by MCB with 22 points, OGDC with 19 points, HMB with 11 points and PPL with 8 points.
According to a market note by Topline Securities, the rally gained steam by the end of the session due to the expectation of a successful sixth and seventh review of the US$6 billion International Monetary Fund (IMF) loan programme. While media reports suggested that Finance Minister Shaukat Tarin also assured of Pakistan’s commitment to the IMF programme, it added.
On an announcement front, OGDCL posted the result early on and declared below expectation dividend that dragged the price down. The stock price went up (although remained below LDCP) after the announcement of the discovery, said Arif Habib in a closing note.