KARACHI: The Pakistan stock market closed on a positive note on Tuesday after witnessing another range-bound session with lower volumes, analysts said.
An analyst at Pearl Securities said that the market responded positively to the high chances of Pakistan’s exit from the Financial Action Task Force (FATF) grey list in the coming week.
“The Pakistan Tehreek-e-Insaf (PTI) has warned the government of a march towards the capital in case it does not announce elections by the end of this month, which will likely create political and economic tensions,” he added.
Additionally, the rupee continued to weaken against the dollar as fresh dollar inflows prolonged despite Finance Minister Ishaq Dar’s marathon meetings in the US, he remarked.
“Going forward, the market will move sideways till clarity comes from the meetings with the International Monetary Fund (IMF) and the political scenario. Hence, we recommend our investors adopt the “Sell on Strength” strategy in the upcoming sessions,” the analyst concluded.
The Pakistan Stock Exchange KSE-100 shares Index gained 83.82 points, or 0.20 per cent to close at 41,839.27 points. The KSE-30 shares Index gained 1.84 points, to close at 15,426.01 points.
As many as 350 scrips were active of which 175 advanced, 163 declined and 12 remained unchanged.
The ready market volumes stood at 190.31 million shares, compared with the turnover of 144.31 million shares in the last trading session.
The companies which reflected the highest gains included Sapphire Textile up Rs45.40 to close at Rs1,059/share, and Premium Textile up Rs31.60 to close at Rs665/share.
The companies which reflected the most losses included Nestle Pakistan down Rs150 to close at Rs5,850/share, and Sapphire Fiber down Rs91.02 to close at Rs1,158.36/share.
The highest volumes were witnessed in WorldCall Telecom with a turnover of 29.86 million shares. The scrip gained 2 paisas to close at Rs1.57/share, followed by First National Equities Limited with a turnover of 11.67 million shares. It gained Re1 to close at Rs6/share. Sui North Gas remained the third with a turnover of 8.41 million shares. It gained Rs2.19 to close at Rs33.81/share.
