KARACHI: Buoyed by an increase in the price of crude oil, the KSE-100 Index ended 505 points higher to end positive for the second successive session on Tuesday.
The benchmark climbed steadily throughout the day with index-heavy oil and cement stocks attracting investor attention.
At close, the benchmark KSE-100 Index recorded an increase of 504.74 points or 1.11% to settle at 45,876.7.
Elixir Securities’ analyst Muhammad Arbash attributed the positive start to gains in index-heavy oil exploration and production sector on higher global crude prices.
“The market started on a positive note before entering a period of intra-day consolidation,” said Arbash. “An uptick in activity followed as local asset managers reportedly cherry picked key names across oil, cement, bank and fertiliser sectors.
“On the results front, Mughal Iron and Steel Industries closed flat after announcing earnings in line with expectations, while Ghandhara Nissan Limited (-4.2%) succumbed to selling on notification of a right issuance. Moreover, Pakistan Petroleum (+0.9%) announced earnings after market hours that also met expectations.
Despite today’s gains, Arbash said that there is no major upside ahead. “The market would likely see range-bound trading until the budget announcement (on Friday).” Overall, trading volumes increased to 154 million shares compared with Monday’s tally of 113 million.
Shares of 393 companies were traded. At the end of the day, 248 stocks closed higher, 127 declined while 18 remained unchanged. The value of shares traded during the day was Rs9.3 billion.
Pak Elektron XD was the volume leader with 10.2 million shares, losing Rs1.99 to close at Rs45.96. It was followed by Engro Polymer with 8.6 million shares, losing Rs0.08 to close at Rs38.33 and Fauji Foods Ltd with 8.2 million shares, gaining Rs1.87 to close at Rs39.45.
Foreign institutional investors were net buyers of Rs60.7 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
