• The Pakistan Stock Exchange KSE-100 shares Index gained 302.25 points, or 0.72 per cent, to close at 42,373.59 points.
• An analyst at Pearl Securities said that the market responded well to the positive development where the SBP’s foreign exchange reserves saw a boost of $500 million from AIIB.
• The ready market volumes stood at 139.20 million shares, compared with the turnover of 244.35 million shares in the last trading session.

KARACHI: The Pakistan stocks market recovered from the shock of the interest hike as the KSE-100 Index remained in the green zone to close on a positive note on Tuesday, analysts said.

An analyst at Pearl Securities said that the market responded well to the positive development where the State Bank of Pakistan’s (SBP) foreign exchange reserves saw a boost of $500 million from the Asian Infrastructure Investment Bank (AIIB).

“However, politics and the political environment are in full swing, where the government is making moves to thwart Pakistan Tehreek-e-Insaf’s (PTI) plans to dissolve the two provincial governments,” he added.

Another positive development for the country is that global oil prices are on a downward trend, he remarked.

The Pakistan Stock Exchange KSE-100 shares Index gained 302.25 points, or 0.72 per cent, to close at 42,373.59 points. The KSE-30 shares Index gained 160.97 points, or 1.04 per cent, to close at 15,665.43 points.

As many as 339 scrips were active of which 188 advanced, 123 declined and 28 remained unchanged.

An analyst at Arif Habib Limited said that the bourse witnessed a positive session where the index was driven by the bulls throughout the day showing signs of recovery after the previous day’s sharp decline.

“Investors’ sentiments improved as the government received fresh inflows from the AIIB. Investor participation remained active throughout the day, with third tier stocks witnessing the most activity today as well,” he added.

Going forward, the analysts expect the market to remain under pressure due to political unrest and the economic situation. Hence, suggest investors adopt the “Sell on Strength” strategy in the upcoming sessions.

The ready market volumes stood at 139.20 million shares, compared with the turnover of 244.35 million shares in the last trading session.

The companies which reflected the highest gains included Rafhan Maize up Rs295 to close at Rs10,380/share, and Nestle Pakistan up Rs50 to close at Rs5,900/share.

The companies which reflected the most losses included Sapphire Fiber down Rs89.90 to close at Rs1,109.10/share, and Sapphire Textile down Rs84 to close at Rs1,041/share.

The highest volumes were witnessed in WorldCall Telecom with a turnover of 18.58 million shares. The scrip gained 1 paisa to close at Rs1.37/share, followed by Unity Foods with a turnover of 10.13 million shares. It gained 96 paisas to close at Rs17.56/share. K-Electric remained the third with a turnover of 7.49 million shares. It shed 1 paisa to close at Rs2.59/share.

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