PSX adds 544 points over improved sentiments

KARACHI: The Pakistan equity market closed on a positive note on Tuesday after observing a bullish session throughout the day as the investors expected a positive outcome of the prime minister’ visit to a friendly country.

An analyst at Pearl Securities said that the prime minister’s visit to China, which promises China-Pakistan Economic Corridor (CPEC) revitalisation proved to be a positive trigger for the market, amidst brewing political unrest in the country.

“The coal prices considerably came down to $219.30/tonne lifting the cement sector. Therefore, going forward, we expect the market to perform well. Hence, we recommend our investors adopt the “Buy on Dip” strategy in the upcoming sessions,” he added.

The Pakistan Stock Exchange KSE-100 shares Index gained 544.03 points, or 1.32 per cent to close at 41,808.69 points. The KSE-30 shares Index gained 224.89 points, or 1.49 per cent to close at 15,286.35 points.

An analyst at Arif Habib Limited said that the bourse witnessed a positive session in anticipation of positive outcomes from the prime minister’s visit to China and a decline in the international coal prices.

“The bulls made a comeback during the session after continuous dry sessions, where the KSE-100 index reached an intraday high of 568 points and giving investors much needed confidence. The main board volumes improved dramatically, while third tier stocks continued to lead the volume board,” he added.

As many as 356 scrips were active of which 250 advanced, 82 declined and 24 remained unchanged.

The ready market volumes stood at 192.14 million shares, compared with the turnover of 97.47 million shares in the last trading session.

The companies which reflected the highest gains included Nestle Pakistan up Rs100 to close at Rs5,800/share, and Goodluck Industries up Rs44.79 to close at Rs642/share.

The companies which reflected the most losses included Colgate Palm down Rs39.58 to close at Rs1,999.42/share, and Premium Textile down Rs33.24 to close at Rs659.90/share.

The highest volumes were witnessed in WorldCall Telecom with a turnover of 33.11 million shares.

The scrip gained 15 paisas to close at Rs1.48/share, followed by Cnergyico PK with a turnover of 11.62 million shares. It gained 11 paisas to close at Rs4.75/share.

TRG Pakistan remained the third with a turnover of 8.20 million shares. It gained Rs8.20 to close at Rs118.07/share.

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