The Pakistan Stock Exchange (PSX) maintained bullish trend on Tuesday as investors anticipated heightened activity by state funds following approval of a support fund for the Pakistan Stock Exchange (PSX). The stock market ended with gain on continuing the positive sentiments for second consecutive day.
The benchmark KSE-100 index closed at 34,442 points as compared with previous day’s closing of 33,250 points with gain 192 points. Analysts at Topline Securities said that second consecutive session closed in positive trajectory, as bourse gained 192 points (0.57 percent), closing at 33,442 index level as creation of ‘Stock Market Support Fund’ triggered investors to rush for state owned stocks like, OGDC, SSGC, SNGP and PSO.
These three stocks closed near to their upper locks in today’s session. Steel sector also outperformed, where ASTL, CSAP, and MUGHAL closed at their upper locks. Additionally, ISL and ASL closed to near to upper lock. Trading activity remained dull as volume went down by 7 percent, similarly, value decline 13 percent. Unity, TRG and KEL remained the volume leader of today’s session with cumulative volume of 40mn shares. Out of 307 actively traded scrips today, 173 closed positive, while 133 remained negative.
The benchmark index dropped in the early hours of trading. The policy rate hike of 150 basis points to 12.25%, dismal data on fiscal deficit for Jul-Mar FY19 which widened 5% and a plunge in the rupee-dollar parity contributed to the pressure.— VoMs