Stocks gain 367 points amid clarity on political ground

Stocks gain 367 points amid clarity on political ground

KARACHI: Pakistan stocks gained 367 points on Tuesday after further clarity on political ground.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,518 points from previous day’s closing of 41,151 points, showing a gain of 367 points.

READ MORE: Stocks climb 531 points over PKR recovery

Analysts at Arif Habib Limited said that PSX witnessed a positive session today as further clarity on political ground pushed the market in the green and maintained its upward trend from the previous close.

Meanwhile, Pakistani Rupee (PKR) continued to strengthen against US Dollar giving the investor’ confidence boost.

The PKR gained sharply against the US dollar during last three sessions on Tuesday on lower international oil prices and nomination of Ishaq Dar as finance minister.

READ MORE: Weekly Review: Stocks may return to positive

The local unit strengthened by PKR 5.80 against the dollar during the last three sessions. The exchange rate reached near to record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 233.91 on September 27, 2022.

In contrast to solid main board volumes, third tier companies continued to remain in the limelight.

READ MORE: Pakistan stocks plunge by 308 points on profit taking

Sectors contributing to the performance include E&Ps (+93.1 points), Banks (+55.0 points), Cement (+42.5 points), Fertilizer (+39.2 points) and Pharmaceuticals (+20.7 points).

Volumes increased from 213.0 million shares to 230.7 million shares (+8.3 per cent DoD). The average traded value also increased by 1.1 per cent to US$ 41.1 million as against US$ 40.7 million.

Stocks that contributed significantly to the volumes are TPLP, TRG, KEL, CNERGY and WTL.

READ MORE: Stocks remain under pressure on political noise

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