Pakistan bourse closes higher after range-bound session

KARACHI: The Pakistan bourse closed on a higher note on Tuesday after observing a range-bound session, where the investors opted a cautious approach due to political uncertainty, analysts said.

An analyst at Arif Habib Limited said that the market witnessed another range-bound session where the KSE-100 Index opened in the positive zone and remained positive throughout the session.

“However, the investors’ participation remained sluggish throughout the trading session, as they continued value-hunting across the board, while the cement sector remained in the limelight due to a drop in the international coal prices,” he added.

The Pakistan Stock Exchange KSE-100 shares Index gained 218 points, or 0.52 per cent to close at 42,265.36 points. The KSE-30 shares Index gained 77.69 points, or 0.51 per cent to close at 15,377.59 points.

The political front of the country heated up after Pakistan Tehreek-e-Insaf (PTI) workers blocked the entrance points to Islamabad, to protest against the attack on PTI Chairman Imran Khan besides demanding early elections.

The macroeconomics of the country have also been deteriorating at a faster pace as the government has so far failed to take any effective measures to support the local economy.

As many as 362 scrips were active of which 188 advanced, 142 declined and 32 remained unchanged.

The ready market volumes stood at 237.35 million shares, compared with the turnover of 240.21 million shares in the last trading session.

The companies which reflected the highest gains included Reliance Cotton up Rs43.85 to close at Rs633.85/share, and Khyber Tobacco up Rs32.49 to close at Rs465.71/share.

The companies which reflected the most losses included Rafhan Maize down Rs854 to close at Rs10,576/share, and Allawasaya Textile down Rs249.16 to close at Rs3,073.03/share.

The highest volumes were witnessed in Fauji Foods with a turnover of 31.07 million shares. The scrip gained 51 paisas to close at Rs6.35/share, followed by WorldCall Telecom with a turnover of 22.92 million shares. It shed 4 paisas to close at Rs1.57/share. Cnergyico PK remained the third with a turnover of 14.28 million shares. It gained 10 paisas to close at Rs5/share.

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