Pakistan stocks gain 505 points amid buying activity

KARACHI: Pakistan stocks have gained 505 points on Tuesday owing to across the board buying activity recorded during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,439 points from previous day’s closing of 43,934 points, showing a gain of 505 points.

Analysts at Arif Habib Limited said that another positive day witnessed at PSX today as KSE100 index remained in green zone throughout the day.

Investor participation in the market stayed healthy due to decline in international oil prices. Cement sector remained in the limelight due to decline in international coal prices. Across the board buying activity was observed.

Analysts at Topline Securities said that Pakistan equities closed on a positive note where benchmark KSE100 Index settled at 44,438 level (up 1.15 per cent). Decline in international commodities prices led the market to continue its yesterday’s positive momentum where market made an intraday high of 545 points.

Sectors contributing to the performance include Cement (+88.4 points), Power (+70.0 points), OMC’s (+44.9 points), E&P (+39.1 points) and Automobile Assemblers (+35.9 points).

Volumes increased from 132.6 million shares to 268.9 million shares (+102.7 per cent DoD). Average traded value increased by 49.4 per cent to reach US$ 39.3 million as against US$ 26.3 million.

Stocks that contributed significantly to the volumes are PAELR3, WTL, GGL, KEL and TPLP.