- Market rebounded after economic reassurance from Finance Minister Asad Umar
KARACHI: In a battle between bulls and bears, the former emerged victorious at the Pakistan Stock Exchange on Tuesday. Indices that traded in red throughout the morning rebounded after the statement of Finance Minister Asad Umar.
The finance minister reassured investors that the financing gap issue for the current fiscal year has been resolved with help of friendly countries, adding that all fundamental economic indicators were now showing signs of improvements.
Moreover, the Economic Coordination Committee of the Cabinet on Tuesday approved to further export of 0.1 million tonnes of sugar. On the other hand, global oil prices surged by more than three per cent on Monday after the United States and China agreed to a 90-day truce in their trade dispute till they hold further talks to resolve all existing issues.
The KSE 100 index started day volatile and dropped 271.36 points or 0.70pc to reach an intraday low of 38,889.24. It later recovered by 497.36 points, reaching its intraday high of 39,657.96, before settling higher by 442.27 points at 39,602.87. The KMI 30 index, after a loss of 695.79 points in the first half, closed at 66,641.47 after gathering 697.24 points. The KSE All Share index appreciated by 1.28pc or 368.71 points, ending at 28,867.05.
The overall trading volumes improved by 19pc and were recorded at 195.85 million. Maple Leaf Cement Factory Limited (MLCF -4.72pc) led the volume chart with 19.67 million shares exchanging hands, followed by K-Electric Limited (KEL +2.24pc) and The Bank of Punjab (BOP +0.46pc). The scripts had traded 10.46 million shares and 9.84 million shares respectively.
The oil and gas exploration sector gained 2.01pc in its cumulative market capitalization, tracking gain in the global crude oil prices. Oil and Gas Development Company Limited (OGDC) appreciated by 2.37pc, while Pak Petroleum Limited (PPL) was up by 2.23pc, Pakistan Oilfields Limited (POL) by 2.03pc and Mari Petroleum Company Limited (MARI) by 0.12pc.
The cement sector lost 0.56pc in its cumulative market capitalization. Lucky Cement Limited (LUCK) declined by -1.43pc, D G Khan Cement Company Limited (DGKC) by -2.76pc and Maple Leaf Cement Factory Limited (MLCF) by -4.72pc. On the other hand, Bestway Cement Limited (BWCL +1.31pc) and Fauji Cement Company Limited (FCCL +4.45pc) ended with decent gains.