KARACHI: The Pakistan Stock Exchange recouped almost half of the previous losses and gained huge 794 points to take the tally to 48466 points level in early trading on Tuesday.
On Monday, a great number of stocks hit their respective lower locks due to which KSE 100-index lost massive 1,855 points, which represented the biggest ever single-day decline in the history of the exchange, and closed at 47,672 points level.
Major contributors to the KSE-100 index were ENGRO (down 4.97pc), OGDC (5.00pc), HBL (3.27pc), HUBC (4.24pc) and LUCK (3.76pc), which cumulatively eroded 482 points from the index. OGDC, POL (up 4.94pc) and PPL (4.08pc) in the E&P sector lost value to close in the red trajectory as well. Commercial banks heavyweights including UBL (down 3.27pc), HBL and MCB (3.16pc) took away 240 points from the index.
Panic selling was witnessed at PSX after JIT issued summons to Prime Minister Nawaz Sharif to appear before it on June 15 under Panama case.
Foreigners were net buyers of $4.0 million, comprising of gross buy/sell $15.7/11.7 million, with $1.5 million net buying in cement. Market participation ticked up somewhat as volume rose by 5 percent whereas traded value increased 13 percent to Rs9.3 billion. Scrips of total 386 active companies participated in the session of which 349 finished in red, 26 in green while 11 remained unchanged.
