KARACHI: The Pakistan Stock Exchange witnessed continued bullish momentum on Tuesday on the back of better trade data and prices of international commodities.
According to Topline Securities, improved monthly trade deficit numbers, a significant decline in coal prices in the global market and the growing anticipation of an agreement between the International Monetary Fund (IMF) and the government within the this week helped the benchmark index close at 47,112.92 points, up 138.14 points or 0.29 per cent from a day ago.
The stock market opened on a positive note and made an intraday high of 340 points (0.72pc). Initially, the cement sector led the show owing to a substantial reduction of over 35pc in global coal prices. However, the sector witnessed profit-taking in the second half of the day.
Market participation decreased 28.8pc to 306.2m shares on a day-on-day basis.
Sectors contributing to the benchmark index included technology and communication (120.33 points), commercial banking (56.57 points), engineering (16.08 points), leather and tanneries (14.63 points) and refinery (13.89 points).
Stocks that contributed significantly to the traded volume included Byco Petroleum Ltd (19.26m shares), TeleCard Ltd (14.41m shares), First National Equities Ltd (10.8m shares), Hum Network Ltd (10.4m shares) and WorldCall Telecom Ltd (10.2m shares).
Stocks that contributed positively to the index included Systems Ltd (72.58 points), TRG Pakistan Ltd (46.43 points), Meezan Bank Ltd (19.39 points), Habib Bank Ltd (18.01 points) and D.G. Khan Cement Company Ltd (15.29 points).
Shares that contributed negatively included Lucky Cement Ltd (27.82 points), Mari Petroleum Company Ltd (10.37 points), Pakistan Oilfields Ltd (10.22 points), Adamjee Insurance Company Ltd (9.44 points) and Fauji Cement Company Ltd (8.77 points).
Stocks recording the highest gains in percentage terms included Service Industries Ltd, which went up 7.5pc, followed by Mughal Iron and Steel Industries Ltd (5.28pc), EFU General Insurance Ltd (5.22pc), Pak Suzuki Motor Company Ltd (4.93pc) and National Refinery Ltd (4.48pc).
Published in Dawn, November 3rd, 2021
