Bulls continue to dominate PSX; KSE-100 Index gains 572.72 points

Bulls continue to dominate PSX; KSE-100 Index gains 572.72 points

Staff Reporter
December 7, 2021

Bulls continue to dominate PSX; KSE-100 Index gains 572.72 points

KARACHI: The Pakistan stocks closed on a positive note on Tuesday, as investors cheered the news flow regarding opposition delaying their protest campaign against inflation, dealers said.

An analyst at Pearl Securities said the bulls remained heavy throughout the day. “The market was catapulted above the physiological barrier of 43,000 points in a lacklustre session. Moreover, the Pakistan Democratic Movement (PDM) extended its long march date to March 23, 2022, which temporarily lowered the political temperature.”

The Pakistan Stock Exchange KSE-100 shares Index gained 1.32 per cent, or 572.72 points, to close at 43,853.49 points. The KSE-30 shares index gained 1.36 per cent, or 228.29 points, to close at 17,005.73 points.

As many as 347 scrips were active, of which 247 advanced, 82 declined and 18 remained unchanged. The ready market volumes stood at 229.3 million shares, compared with the turnover of 176.9 million shares in the last trading session.

Ahsan Mehanti at Arif Habib Corporation said the stocks closed bullish, as investors weighed bull-run in the global equities and surge in the global crude oil prices.

“[The] receipt of $3 billion Saudi fund, and upbeat data on cement dispatches, surging 6.9 per cent in November played a catalytic role in the bullish close.”

However, the threat of expected interest rate hikes hangs over the market. Going forward, analysts expect the market to remain volatile, and suggest the investors to adopt the sell on strength strategy.

The companies that reflected the highest gains included Unilever Foods, up Rs449.99 to close at Rs19,949.99/share; and Rafhan Maize, up Rs291 to close at Rs9,800/share.

The companies, which reflected the most losses included Allawasaya Textile, down Rs202.5 to close at Rs2,497.5/share; and Colgate Palmolive, down Rs49.99 to close at Rs2,450/share.

The highest volumes were witnessed in Telecard Limited with a turnover of 27 million shares. The scrip gained 79 paisas to close at Rs14.7/share; followed by TPL Properties with a turnover of 15.71 million shares. It gained Rs2.58 to close at Rs37.68/share. Treet Corporation remained the third with a turnover of 14.76 million shares. It gained Rs1.82 to finish at Rs41.77/share.