The Pakistan Stock Exchange landed in the green on Tuesday as the benchmark KSE-100 index gained 523 points, or 1.14 per cent, by the close of the trading session to reach 46,533 points.

The index floated around 46,150 points, up almost 140 points from the opening of the session, for the greater part of the session. However, the benchmark showed an upswing in the second half, testing the day’s high at 46,624 points near the close of the session. The market’s opening at 46,010 points remained the day’s low.

Trading activity was led by the engineering sector, with 39.7 million shares traded during the session. The textile and the chemical sectors followed with 29.7m and 24.0m shares traded respectively.

Explaining the positive activity at the bourse, a JS Global report said, “The investor sentiment was bullish on account of political certainty and improved inflation numbers, which clocked in at 2.91pc for the month of July.”

“BYCO (+4.6pc) gained on the back of news of production resumed from its 120,000bpd refinery. ASL (+5pc) and ISL (+5pc) closed at their respective upper circuits as customs increased import duty on steel giving an advantage to the local steel industry,” it said, adding that the cement sector also flourished as cement prices increased by Rs10-15 per bag.

CHCC (+1pc), MLCF (+3.1pc) and DGKC (+2.1pc) were among major gainers in the cement sector, it added.

The report further said that the oil and gas exploration and production companies’ sector gained on rising oil prices in the trading session. OGDC (+2pc) and POL (+4.1pc) were the major gainers from the sector.

HBL (-3.7pc) continued its downward trend on account of the rumours regarding the risk of the penalty imposed on the bank due to its compliance issues in its New York branch, the report said, adding that the stock took 127 points from the index.

Ahsan Mehanti of Arif Habib Corporation said that stocks closed bullish led by oil and fertilizer scrips on strong valuations.

“Fertilizer scrips out-performed amid reports of resolution of fertilizer sector subsidy issues by the government,” he added.

A total of 108mn shares of KSE-100 index companies changed hands in the session, with a worth of nearly Rs13.7 billion.

Stocks of 377 companies were traded, of which 250 gained in value, 111 declined and 16 remained unchanged.

Volumes were led by:

Azgard Nine: 21.8m shares traded [-0.58pc];

TRG Pak Ltd: 16.3m shares traded [-17.36pc];

Aisha Steel Mill: 15.6m shares traded [-17.19pc];

Lotte Chemical: 14.5m shares traded [+4.09pc];

Dost Steels Ltd: 13.5m shares traded [-10.94pc].

 

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