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PSX bids to recoup previous day’s losses; adds 606pts

PSX bids to recoup previous day’s losses; adds 606pts

KARACHI: The Pakistan Stock Exchange’s benchmark KSE-100 Index on Tuesday recouped some of its losses from the previous day and marked its first positive close in seven sessions after gaining 606 points (1.6 per cent) to end slightly above the 38,500 barrier.

Trading started on a strongly positive note, with the index shooting straight up in the first half hour of trading to break the 39,000 barrier from the market open at 37,898.

However, investors soon started selling on strength, triggering a sharp decline from the day’s high. The bulls soon took over, however, and the index hummed to a positive close with minor adjustments along the way.

The early positivity was likely triggered by the government’s late decision to approach the International Monetary Fund for a bailout, announced yesterday by the finance minister. The government’s policies in this regard had triggered considerable concern in the days leading to the announcement.

Of the 349 scrips traded on Tuesday, 173 closed green, 152 closed red and 24 remained unchanged from yesterday.

The volume of shares traded rose to 225 million, worth Rs9.8 billion. Lotte Chemical (14.2m shares traded; up 4.1pc) saw the most activity, followed by Bank of Punjab (10.1m shares; up 3.5pc) and Azgard Nine (9.5m shares; down 4.9pc).

Commercial banks and chemicals were the most active sectors, followed by cements, technology and textile scrips.