KARACHI: On Tuesday, the Pakistan Stock Exchange (PSX) saw a battle between the bulls and the bears as the KSE-100 index traded on both sides of the fence, but closed with a gain of more than 100 points as participants selected stocks that had previously lost value.
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The On favorable cues benchmark KSE-100 index continued to swing back and forth between the red and green zones, reaching a high and low for the day of 40,458.09 and 39,762.50 points, respectively.favorable cues
The strengthening of the rupee against the US dollar and the confirmation that Pakistan had completed all prerequisite steps for the distribution of the loan tranche from the International Monetary Fund were the driving forces behind the bullish trend.
The benchmark KSE-100 index increased by 115.65 points or 0.29 percent to close at 40,191.61 points.favorable cues
According to a report from Arif Habib Limited, the Pakistani rupee continued to face resistance against the US dollar as further appreciation was seen, and the PSX had a positive session today.
The brokerage house said, “The market opened in the negative territory but investors chose value buying during the day resulting in the index to close in the green.”
While healthy volumes were seen in the third-tier stocks, main board activity remained respectable.
Fertilizer (+73.6 points), chemicals (+46.8 points), cement (+35.6 points), refinery (+10.5 points), and automobile assembler (+9.1 points) were among the industries that contributed to the performance.
During the session, shares of 327 companies were traded. 191 scrips closed in the green at the close of trading, 105 in the red, and 31 were unchanged.
Compared to Monday’s total of 110.42 million shares, the total trading volume increased to 217.50 million shares. Shares were traded for a total of Rs6.32 billion during the day.
With 35.08 million shares traded, TPL Properties Limited led the pack in terms of volume, gaining Rs1.16 to close at Rs18.98. Agritech traded 22.62 million shares, gaining 22.62 rupees to close at Rs. 8.13, and Pakistan Refinery traded 13.18 million shares, gaining 0.77 rupees to close at Rs. 16.07, respectively.
