KARACHI: The Pakistan Stock Exchange witnessed another positive session on Tuesday as Shehbaz Sharif assumed premiership after the ouster of the PTI from the federal government.
In addition to the long-awaited end of political uncertainty, the continued appreciation in the rupee’s value against the dollar also helped improve investors’ sentiments. According to Ahsan Mehanti of Arif Habib Corporation, falling crude oil prices and speculations over the likely release of the next tranche of the International Monetary Fund loan played the role of a catalyst in the market’s bullish close.
As a result, the KSE-100 index settled at 46,407.26 points, up 262.3 points or 0.57 per cent from a day ago.
The trading volume decreased 11.5pc to 493.6 million shares while the traded value went up 3.7pc to $76.1m on a day-on-day basis.
Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (62m shares), Telecard Ltd (32.6m shares), Flying Cement Ltd (30.8m shares), Cnergyico PK Ltd (29.7m shares) and Unity Foods Ltd (27.6m shares).
Sectors that contributed the highest number of points to the benchmark index included technology and communication (96.66 points), cement (55.71 points), commercial banking (52.18 points), engineering (24.94 points) and refinery (21.6 points).
Shares contributing most positively to the index included TRG Pakistan Ltd (78.05 points), Meezan Bank Ltd (34.74 points), Maple Leaf Cement Factory Ltd (20.74 points), Avanceon Ltd (18.65 points) and Unity Foods Ltd (16.86 points).
Stocks that took away the maximum number of points from the index included Mari Petroleum Company Ltd (11.28 points), Pakistan State Oil Company Ltd (11.06 points), MCB Bank Ltd (9.42 points), Oil and Gas Development Company Ltd (6.53 points) and Pakistan Petroleum Ltd (6.42 points).
Shares that increased the most in percentage terms were Pak-Gulf Leasing Company Ltd (19.57pc), National Refinery Ltd (7.54pc), Avanceon Ltd (7.33pc), TRG Pakistan Ltd (7.12pc) and Attock Refinery Ltd (6.61pc).
Foreign investors were net sellers as they offloaded shares worth $0.88m.
Published in Dawn, April 13th, 2022
