KARACHI: The Pakistan equity market closed in the green zone on Tuesday, as positive sentiments prevailed in the market due to the rupee appreciation, besides declining global commodities prices, analysts said.
An analyst at Pearl Securities said that positive sentiments prevailed in the market, as it closed in the positive territory.
“The day was dominated by the continued appreciation of the rupee after it gained Rs3.12 against the dollar. Likewise, the international oil prices are declining due to strengthening dollar and slowdown in the global economy,” he added.
An analyst at Topline Securities said the equities continued Monday’s positive momentum on account of declining trend in the global commodities prices.
“The anticipation of package announcements from the global institutions with regard to flood relief and continuous improvement in the value of the rupee against the dollar helped the market close higher,” he added.
The Pakistan Stock Exchange KSE-100 shares Index gained 366.69 points, or 0.89 per cent to close at 41,518.23 points. The KSE-30 shares Index gained 142.05 points, or 0.92 per cent, to close at 15,561.93 points.
An analyst at Arif Habib Limited said that the PSX witnessed a positive session as further clarity on the political front pushed the market to a green zone and maintained its upward trend from the previous close.
“The rupee continued to strengthen against the dollar giving a boost to the investors’ confidence. In contrast to solid main board volumes, third tier companies continued to remain in the limelight,” he added.
Going forward, the analysts expect the market to continue the uptrend. Hence, recommending investors adopt the “Buy on Dip” strategy in the upcoming sessions.
As many as 338 scrips were active of which 197 advanced, 111 declined and 30 remained unchanged.
The ready market volumes stood at 230.65 million shares, compared with the turnover of 213.02 million shares in the last trading session.
The companies which reflected the highest gains included Nestle Pakistan up Rs100 to close at Rs5,700/share, and Rafhan Maize up Rs66 to close at Rs9,800/share.
The companies which reflected the most losses included Sapphire Fiber down Rs59.50 to close at Rs1,260.50/share, and Colgate Palm down Rs31.99 to close at Rs2,103.01/share.
The highest volumes were witnessed in TPL Properties with a turnover of 26.87 million shares. The scrip gained R1.44 to close at Rs21.16/share, followed by TRG Pakistan with a turnover of 20.81 million shares. It gained 96 paisas to close at Rs127.61/share. K-Electric remained the third with a turnover of 12.82 million shares. It gained 9 paisas to finish at Rs3.04/share.
