Market watch
Benchmark KSE-100 index rises 147.92 points to settle at 40,652.67
TLTP
KARACHI
Pakistan Stock Exchange (PSX) on Tuesday witnessed a bullish trend as the benchmark index KSE-100 gained 147 points (+0.37 percent) and closed at 40,652 points.
Accumulating 459.47 points in early trade, the benchmark KSE-100 Index recorded its intraday high at 40,964.22. It settled higher by 147.92 points at 40,652.67.
Among other indices, the KMI-30 Index gathered 339.77 points to end at 64,867.40, while the KSE All Share Index added 77.32 points, closing at 28,490.01.
The overall market volumes fell from 181.41 million shares in the previous session to 150.33 million shares. Average traded value also declined from $49.9 million to $40 million.
TRG Pakistan Ltd (TRG +0.27 percent), BankIslami Pakistan Ltd (BIPL -1.09 percent) and Soneri Bank Limited (SNBL +1.12 percent) led the volume chart, exchanging 9.91 million, 8.77 million and 8.68 million shares, respectively.
Stocks that contributed positively to the index include UBL (+51 points), POL (+22 points), PPL (+20 points), MARI (+15 points) and LUCK (+13 points). Stocks that contributed negatively include COLG (-28 points), SYS (-14 points), HUBC (-13 points), FFC (-11 points) and OGDC (-5 points).
Sectors that kept the benchmark index afloat included banking (+92.61 points), oil & gas exploration (+51.58 points) and cement (+22.10 points). The oil and gas exploration sector (+0.82pc in market cap) ended as the session’s top performer.
Meanwhile, a signing ceremony was held between the PSX and Bank AlFalah Ltd (BAFL +1.75pc), as the latter became the first ‘Market Maker Bank for Debt Securities’ on Tuesday.
Global equity markets also displayed a positive trend, mainly due to the announcement of another coronavirus vaccine by US company Moderna Inc. The vaccine is said to be 94.5 percent effective in preventing Covid-19.
According to a report issued by Arif Habib Ltd, although the market traded in the green zone throughout the session, activity remained dull due to lack of triggers. The central bank is expected to announce monetary policy in the coming week, which gives investors a reason to switch portfolio positions, said the report. Banking stocks, especially UBL and MCB, remained in the limelight, whereas the exploration & production sector saw selling pressure despite making strides earlier in the day, said the report.
