Stocks gain 130 points amid upcoming mini-budget

Stocks gain 130 points amid upcoming mini-budget

KARACHI: The stocks gained 130 points on Tuesday amid volatility due to roll-over week and ahead announcement of mini-budget.

The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ended at 44,044 points as against the previous day’s closing 43,913 points, showing an increase of 130.

READ MORE: Weekly Review: market to move with mini-budget

Analysts at Arif Habib Limited said that the market continued to remain volatile due to the roll-over week and upcoming mini-budget.

Profit-taking was witnessed in the first trading hour while the market battled between the bulls and bears throughout the day.

READ MORE: Stocks end down by 149 points on falling forex reserves

Mainboard volumes remained on the dull note due to lack of any trigger whereas activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks.

Sectors contributing to the performance include Technology & Communication (+59 points), Oil & Gas Exploration Companies (+44 points), Cement (+9 points) Automobile Assembler (+9 points) and Oil & Gas Marketing Companies (+7 points).

READ MORE: CGT on disposal of securities to be collected on Dec 30

Volumes increased from 114.7 million shares to 143.4 million shares (+25.1 per cent DoD). Traded value also increased by 12.9 per cent to reach US$ 28.0 million as against US$ 24.8 million.

Stocks that contributed significantly to the volumes include UNITYR3, TRG, HUMNL, KEL and UNITY.

READ MORE: CGT rates on disposal of securities during Tax Year 2022