KARACHI: The Pakistan Stock Exchange benchmark KSE 100-index on Tuesday gained 875 points with buying interest witnessed across the board ahead of election day.
After a 758-point fall on Monday, investors were more than happy to buy at attractive valuations, helping the index trek forward even as uncertainty over the election outcome hovered over the stock market. A hung parliament could likely spell the return of a bearish run, say analysts.
At close on Tuesday, the benchmark KSE 100-share Index recorded an increase of 875.24 points or 2.16% to settle at 41,339.22.
Lucky Cement (+3.54%), DG Khan Cement (+4.97%) and Maple Leaf Cement (+4.51%) hit their upper price limits on value buying. Similarly, International Steels (+5%), Amreli Steels (+4.99%) and Mughal Steel (+4.99%) also attracted buyers’ attention and closed at their respective upper bands.
Overall, trading volumes increased to 190.85 million shares compared with Monday’s tally of 109 million. The value of shares traded during the day was Rs7.73 billion.
Shares of 371 companies were traded. At the end of the day, 306 stocks closed higher, 54 declined while 11 remained unchanged.
Pak International Bulk Terminal (R) was the volume leader with 19.1 million shares, gaining Rs0.15 to close at Rs0.56. It was followed by Bank of Punjab with 11.3 million shares, gaining Rs0.33 to close at Rs12.52 and Engro Polymer and Chemicals with 8.5 million shares, gaining Rs1.46 to close at Rs31.54.
Foreign institutional investors were net sellers of Rs327 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
