Pakistan Stock Exchange touched a new all-time high of 51,488.56 points in its journey towards inclusion into MSCI Emerging Market Index again. The 100 index opened on a high note falling right into the expectations of investors and remained bullish throughout the day, managing to close at historical levels despite losing some of its intra-day gains.
According to Capital Stake’s report, The KMI 30 index surged 1.32% intraday as it ended with 322.25 points gain. The KSE All Share Index rallied 116.81 points. The session saw 172 advancers and 211 decliners.The traded volumes also increased from yesterday’s 326 million shares to 370 million shares for Tuesday. Overall the index gained 137 points or 0.27pc during the day.
Sector wise analysis, however, did not show any one particular industry capitalising completely on the positive sentiment prevailing in the market. The banking sector took a breather after having a good run on Monday. Habib Bank Limited (HBL), MCM Bank Limited (MCB) and Askari Bank managed to close in green while United Bank Limited (UBL) and Standard Chartered Bank ended up in the red.
Oil and Gas exploration sector also appeared less than positive with some exceptions including Pakistan Oilfields Limited (POL) and Pak Petroleum Limited (PPL) closing in green, with 1.12pc and 0.51pc gains respectively. The dipping companies included Oil and Gas Development Company (OGDC) that fell by 0.69pc and Mari Petroleum Company Limited (MARI) that lost 0.25pc on its stock value.
Downward pressure on the index was brought about by K-Electric that lost 1.39pc, Bank of Punjab that went down by 1.74pc, and Engro Polymer losing 1.42 pc, among other companies. The scattered results of gains and losses on the stock market today can be explained by the details of the Moody’s report published earlier mapping out the risks and opportunity areas in the country. The concerns raised in the report regarding the change in global crude oil prices was another factor dampening the bullish trend of the day for some companies.Topline Securities report suggested that as MSCI’s valuations stretch, investors will be more likely to look for small caps stocks from the MSCI Pakistan index.
