KARACHI: Stocks surged at the Pakistan Stock Exchange (PSX) on Tuesday, with the benchmark index gaining over 650 points intraday amid improved market sentiment.
“The market accumulated gains throughout the session, as buying activity was observed across the board, particularly in the energy sector (HUBC). Investor sentiments were lifted after media reports that FBR has announced to collect Capital Gains Tax on a yearly basis as against the exiting practice of monthly collection,” a report issued by Arif Habib Ltd read.
The benchmark KSE-100 Index remained in the green throughout the session, registering its intraday high at 41,724.04 after accumulating 655.22 points. It settled higher by 596.45 points at 41,665.27.
Among other indices, the KMI-30 Index surged 829.35 points to end at 67,147.45, while the KSE All Share index gained 355.28 points, closing at 29,204.74.
The overall market volumes jumped from 388.52 million shares in the previous session to 488.85 million shares (+26pc). Average traded value also increased by 39pc, from $87.9 million to $121.9 million. Unity Foods Ltd (UNITY +6.24pc), TRG Pakistan Ltd (TRG +1.02pc) and Hum Network Ltd (HUMNL -1.95pc) topped the volume chart, exchanging 67.87 million, 37.16 million and 32.57 million shares, respectively.
Sectors that painted the benchmark index green included power generation & distribution (+121.44 points), banking (+78.13 points) and cement (+53.81 points). Among the companies, Hub Power Company Ltd (HUBC +110.18 points), Engro Corporation Ltd (ENGRO +32.13 points) and Pakistan Tobacco Company Ltd (PAKT +28.50 points) remained the top contributors.
Adding 3.01pc to its cumulative market capitalization, the power generation & distribution sector ended as the session’s top performer, with Hub Power Company Ltd (HUBC +6.30pc), Kot Addu Power Company Ltd (KAPCO +2.79pc) and K-Electric Ltd (KEL +1.10pc) posting decent gains.