KARACHI: After five days of the losing streak that had seen the KSE-100 index plunge by 745 points, the benchmark index bounced back on Tuesday to regain 410 points (1.05 per cent) and close at 39,688 points.
Volumes increased by 31pc to 330 million shares while the value rose by 41pc to Rs14 billion, representing increased investor participation.
“The KSE-100 index staged a reversal amid oversold market momentum and reversal in cements despite heavy foreign selling on Monday, which also continued on Tuesday but value hunters decided to run parallel,” analysts at Intermarket Securities said.
The local bourse was led mainly by banking stocks, with the highest attention retained by heavyweight banks, such as Habib Bank gaining 4.9pc and contributing 135 points to the index rise on the back of its new car leasing scheme. MCB Bank and United Bank rose in the range of 1.8pc to 2.9pc.
Lucky Cement gained 1.9pc, DG Khan Cement 2.89pc, Pioneer Cement 4.78pc and Maple Leaf Cement 2.49pc.
Byco Petroleum emerged as the volume leader with 32m shares after it announced consolidated earnings of Rs0.4 per share. The stock declined by 1pc. The oil and gas sector underperformed the broader market amid declining crude oil prices.
Pakistan Petroleum, which shed 1.65pc, was the major laggard for the day. WorldCall Telecom, which went up 15.34pc, also came in the limelight with a turnover of 27m shares following the announcement of intention by a prospective buyer to acquire more than 56pc shares of the company.
Autos again showed robust performance, with Atlas Honda gaining 0.57pc, Indus Motor 1.3pc, Ghandhara Industries 5pc and Ghandara Nissan 5pc.