KARACHI – Stocks continued its upward trajectory on Tuesday as the benchmark PSX shares index gained 322 points or (0.66%) by the close of the trading session to reach 49,020.21 points.
Market opened on a positive note and kept its previous trend as the index traded at intraday high of 362 points and intraday low of -21 points to finally close at 49,020 level, brokers said. PPL (gain 1.25%), OGDC (0.50%) and POL (0.78%) in the E&P sector closed in the green zone as the oil prices rose on expectations that an OPEC-led production cut to spur the market could be extended.
KEL (slip 1.77%) in the power generation sector closed in the red zone on the back of the news that the National Electric Power Regulatory Authority determined integrated multi-year tariff for K-Electric for seven-year period (2016-23) and reduced its base tariff to Rs12.07/unit from existing Rs15.57 a unit.
Besides, HUBC (up 0.64%) in the same sector closed positive as 1,320MW coal-fired power plant in Hub has been commenced today, stated analyst at JS Global.
Mid-session pressure witnessed on concerns for $5.4 billion current account deficit for July-February 2017. Positive sentiments amid foreign inflows, government proposed PSDP commitments and outcome of CPEC projects played a catalyst role in bullish close, said analyst Ahsan
Mehanti. Overall, volumes increased by 67.9 percent to 225 million shares, while value rose by 86.67 percent to Rs11.2 billion/$106 million.