KARACHI - The Pakistani Stock Exchange (PSX) on Tuesday witnessed promising start of the day where KSE-100 index surged above 40,500. Some profit-taking was seen mid-day due to news that accountability courts rejected the finance minister’s request seeking exemption from court appearances while also ordering start of proceedings to declare him a fugitive. However, low of 40.3k re-instilled positive momentum and market recovered, managing to close near session highs; up by 232 points or (0.6pc) to close 40,549 points level, dealer said.

Some concerns about economy were allayed as the government floated timeline of road shows for issuance of euro/sukuk bond, while S&P also gave “B” rating for Pakistan’s proposed foreign debt issuance, which is better than rating of “B-” for previous issues, stated dealer at Topline Securities.

SNGP (up 2.31pc) and SSGC (up 2.24pc) from gas utilities closed in the green zone on the back of the news that Prime Minister Shahid Khaqan Abbasi inaugurated the second LNG terminal at Port Qasim, built at a cost of Rs50 billion. E&P sector closed in the green today as compared to the last trading day, where POL (up 0.55pc), PPL (gain 1.04pc) and OGDC (rose 1.69pc) were the major movers in the sector amidst international crude oil prices, stated dealer at JS Global. Top index point performers were MCB (up 2.3pc), OGDC (up 1.7pc), PPL (gain 1.1pc), PAKT (up 5pc) & SNGP (up 2.6pc) contributing 126 points to the index while PSO (down 1.6pc), KAPCO (dip 0.5pc), NCPL (slip 5pc), NPL (down 5pc) & DAWH (slump 0.8pc) withheld 40 points from the index. On the sector front, banks added 78 points, while E&Ps contributed 64 points and fertiliser 26 points while on the flip side power held back 19 points as investors were concerned over news of shutdown of furnace oil based power plants.