KARACHI: On Tuesday, stocks regained their position at Pakistan Stock Exchange (PSX) over news from the federal government to resume dialogues with International Monetary Fund (IMF) in the next few weeks.
Pakistani Stocks remained volatile throughout the day. The Karachi share Index (KSE-100) went up by 230.84 points (0.58 per cent) at 39.863.36 against the previous closing of 39,631.07.
According to PSX website, trading volume declined slightly to 174.7 million shares today as compared to 195.4 million traded in the previous session. The daily traded value decreased to Rs 6.794 billion from Rs 7.476 billion in the previous session, the data said.
“During the session, there was volatility in stocks throughout the day as the overhang from rising coronavirus cases which is around 137 day high and consequent lockdown concerns kept overall activity in check,” said an analyst at AKD Securities.
According to the analyst, the market opened on a strong note over the news of monetary policy and the governor SBP remarks regarding the resumption of dialogue with IMF.
However, it found strong support at lower levels as investors deployed fresh liquidity to take advantage of attractive valuations as interest was evident in Energy (tracking gains in international oil prices which formed support to the index), fertilizer, cement, banks and agriculture & farm equipment.
Meanwhile, the Federal Board of Revenue (FBR) has also announced the adjustment of sales tax payable against subsidy on tractors.
The overall market traded 355 million shares where UNITY recorded the highest volumes for the day with 19 million shares traded followed by MLCF (15 million shares traded) and TRG (13 million shares). POL contributed the most to the index decline (up 2.20 per cent).
Stocks that contributed significantly to the volumes include UNITY, MLCF, TRG, HUMNL and PRL, which formed 37% of total volumes.
Stocks that contributed positively to the index include POL (+23pts), DAWH (+18pts), MARI (+18pts), LUCK (+16pts) and OGDC (+16pts). Stocks that contributed negatively include COLG (-6pts), INDU (-6pts), DGKC (-5pts), ENGRO (-4pts) and MLCF (-4pts).