KARACHI: Pakistan stocks on Tuesday gained 347 points amid buyback of shares giving boost to investors’ confidence.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,928 points from last closing of 41,581 points on April 28, 2023.
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Analysts at Arif Habib Limited said that a positive session was observed at the PSX during the day to kick-off the business week as another buyback of shares was announced by one of the largest conglomerate Lucky Cement Limited (LUCK), igniting the investor confidence to push up the shares price to upper circuit and keeping the entire Cement Sector in the limelight.
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As well as another Positive announcement by Habib Bank Limited (HBL’s) sponsors’ intention to acquire additional shares of HBL from the open market drove the bulls to take charge by changing the market sentiments.
The benchmark KSE-100 opened in the green zone and continued to trade with optimistic sentiments throughout the trading session, reaching an intraday high of 409.30 points.
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Investor activity increased considerably as decent volumes were recorded across the board, with third-tier equities dominating the volume board.
Sectors contributing to the performance include Commercial Banks (+207.2 points), Cement (+122.1 points), Fertilizer (+49.5 points), Inv. Banks / Inv. Cos. / Securities Cos. (+23.4 points), and Paper & Board (+19.4 points).
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Volumes decreased from 268.1 million shares to 220.0 million shares (-17.9 percent DoD). The average traded value also decreased by -27.7 percent to USD 22.9 million as against USD 31.6 million.
Stocks that contributed significantly to the volumes are FFL, SILK, MLCF, TPLP and OLPL.
