KARACHI - Pakistan Stock Exchange (PSX) continued its bullish momentum on Tuesday as shares index gained to make an intra-day high of 553 points, but closed up 137.27 points at 51,073.14 levels after some profit taking was witnessed later in the day.

Within the banks, UBL (down 1.8%), HBL (up 0.1%) & BAFL (down 2.5%) witnessed profit taking while MCB (up 2.3%), BAHL (3.9%) & NBP (3.1%) continued to surge on the back of attractive valuations. The sector added 43 points to the index.

“Few MSCI names were shuffled from the leader board as LUCK (up 2%), HUBC (2.4%), MCB (2.3%), BAHL (3.9%) & SNGP (3.5%) added 201 points, while UBL (down 1.8%), EFERT (3.4%), FFC (1.4%), OGDC (0.7%) & PAEL (2.3%) withheld 28 points from the index,” stated analyst Adnan Sami Sheikh at Topline brokerage. As key MSCI-EM name’s valuations start to stretch (especially banks), investors would likely focus on small caps stocks from the MSCI Pakistan Index, he added.

Mixed sentiments were viewed in the cement sector as growth of 0.7% YoY was witnessed in the dispatch numbers released by APCMA for the month of April-2017. Local sales climbed up by 9.5% YoY but exports declined by 50.80% YoY during the month. DCL (up 4.96%) and LUCK (2.00%) were among the major gainers, whereas on the flip slide MLCF (dip 1.09%) and DGKC (0.55%) were among the major losers of the aforementioned sector, stated analyst Arhum Ghous at JS Global.

Mid session pressure was witnessed in overbought cement and oil stocks amid weak global crude prices and concerns over Moody's $79b dismal predictions over external debt. Record quarter-end corporate earnings in auto, banking and pharma stocks played a catalyst role in higher close, observed analyst Ahsan Mehanti.

Market participation further improved with volumes up 14% d/d to 370m shares, while traded value rose 6% to Rs22b/$211m.

TRG was volume leader as almost 36m shares of the technology company exchanged hands. K-Electric with 21.5m shares traded and Engro Polymer with 16.3mnshares traded were in limelight in the session.

404 active companies participated in the session, of which 177 closed in advance, 213 in decline while 14 went unchanged.