PSX witnesses bullish trend

KSE-100 index increased by 222 points

160

Our correspondent
KARACHI
The KSE-100 index kicked off trading on a positive note on Tuesday but it dropped sharply to the intra-day low of 40,259.03 points in the first hour of trading.
At close, the benchmark KSE 100-share Index recorded an increase of 221.79 points, or 0.55%, to settle at 40,664.60.
Pakistan Oilfields (+2.2%), Lucky Cement (+2.4%), Nestle (+5%), UBL (+1.1%) and PSO (+1.5%) contributed to the positive close.
Stocks of auto, steel, cement and banking sectors experienced selling pressure. Sectors contributing to the positive performance included cement (+51 points), pharmaceutical (+27 points), banking (+25 points), oil and gas marketing (+25 points) and exploration and production (+20 points).
Overall, trading volumes decreased to 254.6 million shares compared with Monday’s tally of 320.1 million. The value of shares traded during the day was Rs9.2 billion.
Shares of 375 companies were traded. At the end of the day, 189 stocks closed higher, 161 declined and 25 remained unchanged.
Unity Foods was the volume leader with 30.5 million shares, gaining Rs0.76 to close at Rs14.05. It was followed by Fauji Foods with 19.3 million shares, gaining Rs0.20 to close at Rs16.16 and K-Electric with 15.8 million shares, gaining Rs0.06 to close at Rs4.63.
Foreign institutional investors were net sellers of Rs598.5 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.

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