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Stocks start day on bullish note

Stocks start day on bullish note

KARACHI: The Pakistan Stock Exchange started trading on bullish note and gained 126 points to reach 41775 level in early trading on Tuesday.

The stocks closed flat on the first day of the rollover week in absence of any positive trigger despite of the approval of FY19 budget by the parliament on Friday.

Investors remained concerned as government has not yet disclosed any concrete plan to address mounting current account deficit numbers, which swelled to $14b in 10MFY18 vs $9.3b last year. As a result, market closed with marginal gain of 25 points against intra-day gain of 289 points.

Investors showed interest in small cap stocks that led volumes to grow by 7pc. However, value dropped by 14pc. EPCL closed near its lower lock as company declared right shares of 37pc at Rs22 per share in last session. Among scrips, FCCL, PAEL and EPCL topped the table in terms of volume with cumulative trading volume of 18m shares. Sector-wise data indicate that commercial banks and chemicals remained top volume leaders with cumulative trading volume of 24m shares.