KARACHI: The stock market gained 138 points on Tuesday owing to a contraction in trade deficit on a monthly basis.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 47,113 points from the previous day’s closing of 46975 points.
Analysts at Topline Securities said that bullish momentum continued at PSX as well in the backdrop of improved trade deficit numbers on monthly basis, significant decline in international coal prices and anticipation of agreement between IMF and Government of Pakistan in the prevailing week as announced by the finance minister.
Market opened on a positive note and made an intraday high at 47,315 level (up 340 points; +0.72 per cent) before closing at 47,113 level (up 138 points; +0.29 per cent).
Initially, the cement sector led the show to celebrate substantial reduction of over 35 per cent in global coal prices but witnessed profit taking in the later half of the day.
Technology and Banking sector stocks also provided support by adding 156 points cumulatively.
During the day, total volume and value stood at 306 million shares and Rs8.37 billion, respectively. BYCO was the volume leader with 19.2 million shares traded in it, today.
