PSX gains 572 points as Omicron concerns ease globally

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Benchmark KSE-100 index settle at 43,853.49
KARACHI
The Pakistan Stock Exchange (PSX) remained bullish on Tuesday, with the benchmark KSE-100 Index gaining 572.72 points (+1.32 percent) to close at 43,853.49 points.
The market opened on a positive note and remained in the green zone throughout the session. The KSE-100 Index moved in a range of 785.39 points, showing an intraday high of 44,066.16 points and a low of 43,280.77 points.
Among other indices, the KSE All Share Index gained 389.57 points (+1.32 percent) to close at 30,010.45 points, while KMI All Share Islamic Index gained 358.09 points (+1.7 percent) to close at 21,386.45 points.
A total of 352 companies traded shares in the stock exchange, out of them shares of 248 closed up, shares of 85 closed down while shares of 19 companies remained unchanged. Out of 95 traded companies in the KSE-100 Index, 73 closed up, 20 closed down and two remained unchanged.
The overall market volumes increased by 52.47 million to 229.38 million shares. Total volumes traded for the KSE-100 Index increased by 15.27 million shares to 89.33 million shares. The number of total trades increased by 18,047 to 108,086, while the value traded increased by Rs2.29 billion to Rs8.37 billion. Overall market capitalisation increased by Rs97.56 billion.
Among scrips, TELE topped the volumes with 27 million shares, followed by TPLP (15.71 million) and TREET (14.76 million). Stocks that contributed significantly to the volumes include TELE, TPLP, TREET, HASCOL, and UNITY, which formed around 34 percent of total volumes.
The major sectors taking the index toward north were oil & gas exploration companies with 115 points, technology & communication with 114 points, cement with 85 points, food & personal care products with 33 points and refinery with 27 points. The most points added to the index were by TRG which contributed 68 points followed by OGDC with 54 points, PPL with 46 points, LUCK with 33 points and SYS with 26 points.
The major sectors taking the index toward south were glass & ceramics, textile spinning and leasing companies with one point each. The most points taken off the index were by ENGRO which stripped the index of 20 points followed by UBL with 10 points, COLG with 9 points, PKGS with 8 points and KEL with 7 points.
According to experts, the market rallied due to an increase in cement sales. Meanwhile, the rise in oil prices also supported a bullish close as concerns about the impact of the Omicron variant on fuel demand eased. Moreover, the announcement of opposition parties’ alliance, Pakistan Democratic Movement (PDM), to defer the anti-government march till March also bode well for the stocks.
The market remained positive in line with global equities, as Asian stocks edged higher on Tuesday on receding worries about the impact of the Omicron variant while Chinese markets gained after the central bank there eased monetary policy.
The US stock markets broadly closed higher on Monday. Stocks on Wall Street closed green as value stocks, led by banks and energy shares, rose 1.5 percent compared to a 0.9 percent gain in growth stocks.