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Stocks open bullish with 211pts gain

Stocks open bullish with 211pts gain

KARACHI: The Pakistan Stock Exchange (PSX) Tuesday opened bullish after gaining 211 points to take the tally to 42954 points level in early trading.

On Monday, the stocks witnessed a lacklustre session and the 100-share index, after making an intra-day high of 337 points and intra-day low of 122 points, closed at 42,744 points after shedding 6 points.

Top 5 index point decliners were NBP (down 5%), UBL (1.5%), MCB (0.9%), SNGP (1.6%) & CHCC (3.7%), shedding 97 points, while FFC (up 5%), EFERT (3.9%), DAWH (2%), OGDC (0.6%) & BAFL (2.3%) added 122 points.

On the sector front, fertilizer added 108 points due to rising international prices which are up another 16%/$40 WoW to $290/ton (Middle East Urea). On the flip side, banks shed 69 points (NBP 29 points, UBL 28 points & MCB 15 points). OMCs were down 20 points while cements withheld 17 points.

Market volumes also remained low as total volume for the all-share index touched 126m shares, 4.4% down from the last trading day. Traded value stood at Rs7b/$84m.