KARACHI

Lackluster activity was seen at the Pakistan Stock Exchnage on Tuesday as investors preferred to remain on the sidelines. Cherry picking, however, was seen in oil & cement sectors. Resultantly, the PSX benchmark KSE 100-index gained another 139 points (0.4%) to close at 31,509.11 points.

Traded volume decreased 28% to 94 million shares as compared to 130m shares of the previous day while traded value decreased 6.5% to Rs5.8b from Rs6.2b.

Improvement in international oil prices prompted investor interest in oil exploration stocks. Pakistan Oilfields (POL) and Mari Petroleum (MARI) closed at their upper limits (up 5%), while Oil & Gas Development Company (OGDC) and Pakistan Petroleum (PPL) rose 2.8% and 1.3%, respectively, market analysts said.

Consolidated earnings of 4.7/share were announced by BAFL with a cash dividend on 1/share due to which BAFL closed at its lower limit.

Bullish activity was witnessed at PSX, led by oil, fertilizers and cement scrips, amid recovery in global equities and crude prices, stated analyst Ahsan Mehanti.

Strong earnings outlook in cement, auto and pharma scrips played a catalyst role in bullish close.