PSX Index bounces back in phenomenal rally

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KARACHI
The bourse shed worries of the preceding session and cautiously crawled in to the green zone on Tuesday, in anticipation of positive economic outlook, surging global crude oil prices, and easing circular debt crises.
The KSE-100 opened upward, however, the momentum could not be sustained and soon after the first hour, the index fell below the 40,000 level. Investors remained wary following developments in the past few days, which was a primary reason for the decline.
Later in the day, the index managed to post a decent recovery as it advanced from an intra-day low of 553 points to finish the session 320 points up. The somewhat bullish trend came the International Monetary Fund staff report became public, which stated that the country’s economic reform programme is on track, however, risks remain elevated.
At close, the benchmark KSE 100-share Index recorded an increase of 320.03 points, or 0.80%, to settle at 40,328.32. JS Global analyst Danish Ladhani said equities closed Tuesday on a positive note with the benchmark KSE-100 Index gaining 320 points, closing at 40,328 levels as investors remained apprehensive over the prevailing political situation after detailed verdict.
OGDC (+2.6%), HUBC (+1.5%), PPL (+1.2%), LUCK (+1.8%), ENGRO (+0.6%), HBL (+0.5%), PSO (+1.5%) and POL (+0.9%) cumulatively contributed towards the positive index close. Topline Securities, in its report, stated that the during the initial trading hours index reached an intraday low of 39,455 level, however, it recorded an astounding recovery of 873 points from its low on the back of positive outlook given by the IMF in the first review.
Overall, trading volumes increased to 236.2 million shares compared with Monday’s tally of 179.1 million. The value of shares traded during the day was Rs8.75 billion.
Shares of 358 companies were traded. At the end of the day, 213 stocks closed higher, 124 declined and 21 remained unchanged.
Fauji Foods was the volume leader with 25.9 million shares, gaining Rs0.54 to close at Rs14.33. It was followed by Unity Foods with 13.4 million shares, gaining Re1 to close at Rs14.97 and Bank of Punjab with 11.8 million shares, losing Rs0.15 to close at Rs11.40.
Foreign institutional investors were net sellers of Rs281.9 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.

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