Bulls stage comeback as KSE-100 gains 474 points

KARACHI: After yesterday’s brutal sell-off, trading session at the Pakistan Stock Exchange (PSX) began on a buoyant note on Tuesday, with the indices recovering some of the losses accumulated in the last session, closing in the green.

Foreign investors ended the previous session (Monday) as net sellers, with a net outflow of $1.66 million.

On the political front, Prime Minister Imran Khan has left for a two-day official visit to Malaysia. According to media reports, the PM would be meeting chairpersons or chief executive officers (CEOs) of well-known Malaysian companies to discuss their future investment plans in Pakistan.

Gaining 543.91 points, the benchmark KSE-100 Index recorded its intraday high at 40,953.29. After a few hiccups midday, the index managed to close higher by 474.87 points at 40,884.25. Among other indices, the KMI-30 Index accumulated 780.33 points to end at 65,561.14, while the KSE All Shares Index gained 178.23 points, settling at 28,493.84. The advancers to decliners ratio stood at 224 to 87.

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The overall market volumes declined from the previous session and were recorded at 146.09 million. The Bank of Punjab (BOP +2.18pc), Hascol Petroleum Limited (HASCOL +1.50pc) and Unity Foods Limited (UNITY 0.66 points) remained the volume leaders of the day, exchanging 16.35 million, 15.70 million and 8.32 million shares, respectively.

Sectors that painted the KSE-100 Index green included banking (+216.57 points), power generation & distribution (+83.44 points) and fertilizer (+62.17 points). Among the companies, MCB Bank Limited (MCB +84.25 points), Hub Power Company Limited (HUBC +67.22 points) and Engro Corporation Limited (ENGRO +46.77 points) remained the top positive contributors to the index.

Trading at the exchange would remain suspended on Wednesday on account of Kashmir Day. Normal trading shall commence from Thursday (February 6, 2020).

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