LAHORE: The Pakistan Stock Exchange (PSX) recovered its recent losses in a sharp upward move as political temperature calmed down. The market welcomed the announcement by the opposition leader to hold just a one-day protest against the previous perception of a long sit down. Investors at the bourse were probably driven by the ‘fear of missing out’ or FOMO in short, where domestic investors who have been in the foreigner’s shadows when it comes to buying equities. Foreigners have bought nearly $ 58 million of Pakistan stocks year-to-date, while funds have only purchased $ 1.2 million and banks have sold $ 20.2 million.
The KSE 100 index jumped 795.10 points to cross 43,000 intraday. The index closed higher by 561.98 points at 42,909.47. The KMI 30 index topped its account by 1.39 per cent to end the day at 72,433.38 while the KSE All Share Index was up 320.46 points. The advancers to decliners ratio stood at 219 to 112.
The market volumes improved from the previous session but remained below the average of the past week. Total traded volume was recorded at 160.86 million on Tuesday.
Meanwhile, Pakistan International Airlines Corporation Limited (PIAA +6.92 per cent) led the volume charts again with 15.75 million shares traded. The company now has a one week return of 29 per cent as privatisation seems to be on the cards again.
Faysal Bank Limited (FABL +1.98 per cent) followed with 11.66 million shares traded on the counter. Dewan Cement Limited (DCL +4.79 per cent) was next with volume of 8.48 million. The cement sector was top traded amongst all sectors with a cumulative volume of 22.87 million.
Monday’s top loser sector put up a comeback, the engineering sector added 2.73 per cent to its cumulative market capitalisation. Mughal Iron and Steel Industries Limited (MUGHAL) with a gain of 4.97 per cent was the best performer in the sector and Ittefaq Iron Industries Limited (ITTEFAQ) was 4.30 per cent in the green.
The sugar sector missed out on the day and posted worst returns, negative 2.58 per cent. Leather and tanneries and food and personal care sector were almost not able to perform much, down 2.42 per cent and 2.20 per cent respectively.
