KARACHI - Pakistan Stock Exchange (PSX) again took bullish turn on Tuesday, with the benchmark KSE 100-index gaining 592 points to close at 42,939.68 points.
Market made another wild swing yesterday and resembled the activity taking place since past week, where it is either very positive one day and turns completely negative the other day. Confirmation of keeping the protest/sit-in restricted to 1 day raised optimism among investors who took turns investing across the board.
Excluding Tuesday, foreigners have bought nearly $58m of Pakistan stocks year-to-date, while Funds have only purchased $1.2m & banks have sold $20.2m.
Investors also took Qadri’s announcement of a temporary protest against Model Town incident rather than a sit-in, positively, said dealer at Topline brokerage.
Top 10 index point contributors were HBL (up 3.9%), LUCK (3.4%), OGDC (2.2%), HUBC (3.1%), MCB (2%), POL (2.6%), PPL (1.4%), PSO (2.7%), FFC (1.8%) & UBL (0.9%), adding 422 points to the index gain, while NESTLE (down 3.7%), SNGP (0.9%), BAHL (0.5%), KEL (1.3%) & DAWH (0.5%) withheld 39 points from the index.
On the sector front, banks added 180 points, followed by E&Ps which added 124 points, cement was up by 86 points, power 46 points, fertilizer 34 points, whereas food sector was negative by 20 points.
Volumes increased by 30m shares to cross 160m shares as against 130.5m shares of the previous day (up 23% DoD). Average traded value also increased 24% DoD to reach $65.3m.
Stocks that contributed significantly to the volumes included PIAA, FABL, DCL, TRG and WTL, reflecting 32% of total volumes.
