Karachi: On Tuesday, the Pakistan Stock Exchange (PSX) consolidated above 46,500 mark as extensions in the bullish rally that started yesterday supported the market to close the day with gains for the second day in row.
The fresh rise in international oil prices and positive news about development in circular debt issue convinced investors and institutions for fresh buying.
The Karachi Share Index (KSE-100) gained 492.36 points (1.06 per cent) after closing at 46,867.95 points against the previous closing of 46,375.59 points. The market went as high as 46,884.53 points during intra-day trading, while recorded as low as 46,375.59 points.
Trading volume increased to 514.2 million shares today as compared to 486.3 million traded in the previous session, according to PSX website data. The daily traded value also increased to Rs 25.35 billion from Rs 24.8 billion in the previous session, the data said.
The market opened the day in a positive mood that pushed the KSE-100 index up to 46,666.75 points with a jump of 291 points in the first ten minutes of the trade. Throughout the day the trend prevailed with some intra-day corrections in the way. Individual investors and institutions were active in fresh buying. The bullish trend was also supported by corrections that market went through in last week.
Traders and analysts said that the news regarding the development towards the solution of circular debt issue between government and power producers and the prime minister’s decision to disallow increase in fuel prices supported market sentiments. The rally in oil and gas sector share were largely due to international oil prices moving further north on global economic outlook, they added.
Oil prices soared to their highest in about 13 months as a US winter storm added fuel to their rally on hopes of further demand recovery.
The share price of Bata Pakistan increased by Rs 59.20 to Rs 1,829 while Sunrays Textile gained Rs 47.99 to Rs 687.98. On the other hand, Unilever Foods lost Rs 450 today to close at Rs 13,550 while Sapphire Textile lost Rs 74 to close at Rs 915.