KARACHI: After posting losses for four sessions in a row, the KSE-100 index managed to recover some of the lost ground on Tuesday as it gained 269.75 points (0.67 per cent) to close at 40,596.28.
The index opened flat but turned volatile in much of day’s trading, taking traders on a roller-coaster ride. Intraday, the market touched a high of 311 points and a low of 58 points.
Investor sentiments were skewed towards relief on signs of improving macros as the State Bank Pakistan unveiled 7-month trade data showed signs of improvement. Exports increased by 2.2pc, imports declined 5.2pc and overall trade deficits narrowed by 9.7pc year-on-year.
Participants also pinned hopes on heavy investment inflow expected to be announced during the upcoming visit of Saudi crown prince. Other favourable factors were counted as ongoing buying by foreign investors which amounted to $43.16 million since Jan 21 and the uptick in coal prices. Under the circumstances, market put the uncertainty over the International Monetary Fund package aside.
The index gained in the lead of cements which contributed 112 points and exploration and production (E&P) sector 108 points. Strong buying was witnessed in almost all cement scrips including Lucky, DG Khan and Cherat Cement.
The volume increased 23pc to 165m shares while traded value was up 4pc to reach $47m. Leaders included Azgard Nine, K-Electric, Unity Foods and Pak Elektron together accounted for 33pc of the total traded turnover.
Major contribution to the index upside came from Lucky Cement, up 3.81pc, Oil and Gas Development Company 2.41pc, Pakistan Oilfields 2.38pc, Fauji Fertiliser 1.46pc and Pakistan Petroleum 1pc, adding 173 points. On the flip side, Habib Bank, down 1.56pc, Pakistan Tobacco 3.42pc and Millat Tractors 2.49pc took away 68 points.
