KARACHI: Pakistan equities managed to close positive for a second successive session despite late-session volatility as the benchmark KSE-100 index shied away from 33,000 points intra-day to settle at 32,800.

At close on Tuesday, the Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.42% or 137.85 points to end at 32,811.89.

Elixir Securities, in its report, said stocks opened positive led by fertilisers and cements, with the latter gaining on announcement of power tariff cuts for industrial consumers, while healthy activity was also witnessed in small and mid-caps.

“However, market towards the day’s end saw sharp volatility and index retraced half of its gains on profit-booking.

“Major contribution came from Fauji Fertilizer (FFC PA +3.67%) and Pakistan Petroleum Limited (PPL PA +5%) that cumulatively contributed 104 points to the index,” said the report.

“FFC, along with most fertilisers, continued to gain on news of delay in gas prices hike, while PPL rallied and closed at its upper price limit on news of government revising up the pricing formula for Sui field of which PPL is the sole operator.

“We see market to test 33,000 in near term while activity in small and mid-caps will continue to increase on year-end window dressing,” concluded the report.

Meanwhile, JS Global analyst Arhum Ghous said the KSE-100 index rallied for the second consecutive day of the week as investor’s bullish sentiment drove the index upwards.

“Index heavy weight FFC (+3.67%) gained as National Development Finance Corporation (NDFC) released positive fertiliser off take numbers.

“PPL (+5.0%) closed at its upper circuit as according to news reports that the federal government has given approval to a 50% increase in Sui’s wellhead gas price.

“Pak Elektron Limited (PAEL -3.6%) lost value in the closing hours as rumours surfaced regarding right share announcements in its board meeting that is expected to take place on January 4,” said Ghous.

Trade volumes rose to 144 million shares compared with Monday’s tally of 120 million shares.

Shares of 346 companies were traded. At the end of the day, 120 stocks closed higher, 204 declined while 22 remained unchanged. The value of shares traded during the day was Rs8.6 billion.

TRG Pakistan Limited was the volume leader with 16 million shares, losing Rs0.69 to finish at Rs35.01. It was followed by Jahangir Siddiqui and Company with 10.9 million shares, gaining Rs1.49 to close at Rs21.55 and Pak Elektron with 9.1 million shares, losing Rs2.40 to close at Rs64.81.

Foreign institutional investors were net sellers of Rs330 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.

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