Bullish trend persists at Pakistan Stock Exchange
Pakistan Stock Exchange (PSX) on Tuesday maintained bullish momentum amid positive signals from International Monetary Fund (IMF) after recently concluded review for release of second installment of $1 billion, reported 24NewsHD TV channel.
At the concluding session of trading, the benchmark KSE-100 index closed after gaining 801 points or 0.69 percent to reach 117,001.09 points.
During trading, strong buying activity was noted in several key sectors, including automobile assembly, cement, commercial banking, oil and gas exploration, oil marketing companies (OMCs), power generation, and refineries.
Major index contributors such as HUBCO, NRL, PRL, PSO, SNGPL, OGDC, POL, PPL, MCB, MEBL, and UBL were all trading in positive territory.
Earlier on Monday, the index had recorded an increase of 663.42 points, or 0.57%, and settled at 116,199.59 points.
Economic analysts stated that the KSE-100 index saw an accelerated upside momentum at the start of the week to cross 116,000 points.
Some 49 shares rose while 45 fell, with Mari Petroleum (+7.32%), PSO (+4.3%) and Lucky Cement (+1.97%) contributing the most to the index gains, it said. Mari Petroleum made a gas and condensate discovery at the Spinwam-I well, having gas flow at 20.485 million cubic feet per day and condensate flow at 117 barrels per day.
Shares of 448 companies were traded. Of these, 179 stocks closed higher, 211 fell and 58 remained unchanged. The value of shares traded during the day was Rs34.1 billion.
Reporter: Basim Iftikhar