KSE-100 takes U-turn, closes 208 points higher

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KARACHI: The Pakistan Stock Exchange took a breather on Tuesday, as indices managed to recover the losses made earlier in the session to end in the green zone. Foreign investors turned out to be net buyers on Monday with a net inflow of $2.23 million.

On the economic front, the finance minister announced that the government’s strategy to deliver medium-term economic framework targets is expected to be finalized by the International Monetary Fund later this month. He claimed that the country was out of economic crisis owing to the prudent policies adopted by the government, adding that structural reforms would put the economy on the right path going forward.

The oversold KSE 100 Index managed to recover from its intraday low of 36,593 points. Following the initial selloff, the index recuperated more than 650 points from its intraday low and stalled its northbound move at 37,270 (just shy of supply zone at 37,300). It settled above 37,000 mark at 37,129.97 (+208 points).

The KMI 30 index gained 411.42 points to end at 60,664.86, while the KSE All Share index accumulated 126.54 points to close at 27,237.04. Out of total traded scripts, 160 advanced, 147 declined while prices of 29 remained unchanged.

The overall trading volumes improved by 50pc and were recorded at 160.48 million. Unity Foods Limited’s right shares (UNITYR1 -21.69pc) led the volume chart with 15.89 million shares exchanging hands, followed by Maple Leaf Cement Factory Limited (MLCF -4.67pc) and Fauji Cement Company Limited (FCCL -3.68pc). The scripts had traded 15.63 million shares and 11.37 million shares respectively.

According to media reports, Rystad Energy has picked Pakistan’s offshore project among three highly prospective wells. The Eni’s Kekra well in Pakistani waters has pre-drill prospective resource estimates of 1.5 billion.

Following the news, the power generation and distribution sector (+3.72pc) closed the session as the top gainer. K-Electric Limited (KEL) was up by 5.62pc, Hub Power Company Limited (HUBC) +4.20pc and Kot Addu Power Company Limited (KAPCO) +2.52pc. Pakgen Power Limited (PKGP +3.07pc) and Engro Powergen Qadirpur Limited (EPQL +1.43pc) also closed the session in green.

 

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