Stocks recover 176 points in see-saw trade

KARACHI: Pakistan Stock Exchange (PSX) ensured a volatile session on Tuesday, with the benchmark index recovering all losses accumulated in early trade to close in green.

The KSE-100 Index traded within a narrow range of 381.33 points, registering its intraday low at 45,596.81 (-129.87 points) and high at 45,978.14 (+251.46 points). It finally settled higher by 176 points at 45,903.

Among other indices, the KSE All Share Index gained 102.91 points to end at 31,811.74, while the All Share Islamic Index added 80.45 points, closing at 22,455.99 points.

Of the total traded scrips, 196 closed positive, 210 negative while the value of 19 remained unchanged.

The overall market volumes decreased 51.86 million to 491.79 million shares, whereas market capitalisation increased Rs37.46 billion. The value of traded shares decreased by Rs1.73 billion to Rs19.93 billion as compared to the previous session.

Among the scrips, TRG topped the volumes with 29.4 million shares exchanging hands, followed by PRL (28.8 million) and FFL (22.2 million).

Sectors that kept the benchmark index afloat included power generation & distribution (+79 points), oil & gas exploration (+71 points) and technology & communication (+40 points). Among the companies, HUBC remained the top contributor with 74 points, followed by MARI with 62 points, TRG with 54 points, BAHL with 30 points and OGDC with 23 points.

According to the closing note by Topline Securities, the E&P sector saw renewed investors’ interest amid news reports that Power Division has forwarded its proposal to ECC for allowing MARI to remove the cap for dividend distribution after which the stock closed at its upper circuit. The market also gained impetus from the news that HUBC will receive Rs70 billion out of the first tranche of Rs150 billion which lifted the stock, it added.

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