Pakistan stocks gain 59 points in range bound trading

Pakistan stocks gain 59 points in range bound trading

KARACHI: Pakistan stocks gained 59 points on Tuesday in range bound trading owing to expected the prime minister’s address to the nation.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 42,726 points from previous day’s closing of 42,667 points.

Analysts at Topline Securities said that after yesterday’s sell off, Pakistan equities had a range bound day today on the backdrop of media news regarding PM address to the nation.

READ MORE: Pakistan stocks fall 819 points on rupee devaluation

Investors opted to stay sideline ahead of the aforesaid address as it is expected that PM may announce some tough decisions while taking nation into the confidence to curtail deterioration on the macro front.

Initially, market carried forward yesterday’s bearish sentiment and opened on negative note where the KSE100 index made an intraday low at 42,607 points (-60 points; down 0.14 per cent).

READ MORE: Weekly Review: Pakistan stocks witness 3% decline

However, some buying interest has been witnessed at the aforesaid levels which supported the benchmark index to gain some ground and made an intraday high at 42,884 points (+217 points; up 0.51 per cent) before eventually closed at 42,726 points (+59 points; up 0.14 per cent) for the day.

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Tech, Banks and Fertilizer sector’s stocks contributed positively today to the benchmark index where TRG, UBL, HBL, FFC & DAWH added 75 points, cumulatively. On the flip side, LUCK, HUBC & MLCF have seen some profit taking as they lost 44 points collectively, today.

Around 196 million shares traded today at the bourse while total value clocked in at Rs6.2 billion. WTL was the volume leader of the day with trading of 21.9 million shares in it, today.

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