KARACHI: The Pakistan stocks recovered considerably on Tuesday after witnessing profit-taking in the early hours of trading, which kept the market in the red zone.
An analyst at Pearl Securities said that the rupee gained stability, as it clocked-in at 182.02 against the dollar coupled with the declining oil prices, which have been falling in the last few days.
“Political uncertainty seems to have subsided with the swearing in of the new prime minister. This has ushered in an air of confidence in the business and investors’ community with healthy volumes in the market,” he added.
The Pakistan Stock Exchange KSE-100 shares Index gained 0.57 per cent, or 262.30 points, to close at 46,407.26 points. The KSE-30 shares Index gained 0.62 per cent, or 110.52 points, to close at 17,814.39 points.
The ready market volumes stood at 493.59 million shares compared with the turnover of 557.67 million shares in the last trading session.
“Another positive session was witnessed today due to political stability and appreciation of rupee against the dollar. Across the board rally was witnessed regardless of foreign selling spree. The main board activity remained healthy,” an analyst at Arif Habib Limited said.
The companies which reflected the highest gains included Nestle Pakistan(XD) up Rs64.06 to close at Rs5,555/share, and Sapphire Fiber up Rs61.35 to close at Rs883.99/share.
The companies that reflected the most losses included Bata (Pak) down Rs84.39 to close at Rs2,400/share, and Colgate Palm down Rs23 to close at Rs2,320/share.
Going forward, the analysts expect the market to perform well, therefore suggesting investors adopt the “Buy on dip” strategy.
The highest volumes were witnessed in Telecard Limited with a turnover of 62.03 million shares. The scrip shed 6 paisas to close at Rs2.07/share, followed by Telecard Limited with a turnover of 32.65 million shares. It gained 73 paisas to close at Rs16.96/share. Flying Cement remained the third with a turnover of 30.85 million shares. It shed 83 paisas to finish at Rs8.80/share.
