Bulls return to PSX as KSE 100 index surges

KARACHI: Bulls returned to the Pakistan Stock Exchange and drove the market north on Tuesday as the indices moved in an upward trajectory right as trading resumed.

Foreign investors remained net sellers on Monday with a net outflow of US$ 3.85 million. The highest selling was witnessed in banking ($0.942 million) and fertilizer sector ($0.769 million). Global equity markets displayed a mixed performance.

The KSE 100 index settled after accumulating 353.58 (1.05%) points at 34,158.55. points. The bourse recorded an intraday high of 34,350.78 with a gain of 545.81 points. The total volume of scripts was 168.825 million valued at Rs8.338 billion.

The lower bench KSE 30 index witnessed a gain of 123.17 points (0.83%) and closed at 14,923.03 points.  The total volume of scripts was 90.877 million. The KMI 30 index appreciated by 625.05 points closing at 55,845.42, while the KSE All Share index gathered 232.04 points and closed at 24,477.51.

The overall volumes fell from 261.995 million in last session to 247.63 million. Hascol Petroleum Limited (HASCOL 4.58%) turned out as the volume leader with 31.63 million shares. Out of total shares exchanged on the bourse, 158 advanced and 140 declined.

This was followed by TRG Pakistan (TRG 2.70%) and Maple Leaf Cement Factory (MLCF -0.99%) trading 15.99 million and 12.74 million shares respectively.

The sectors driving the KSE 100 index upward included oil and gas exploration sector (113.57 points), pharmaceutical sector (54.56 points) and oil and gas marketing sector (42.41 points).

Oil and Gas Development Company Limited (OGDC 63.74 points), Pak Petroleum Limited (PPL 39.55 points) and Pakistan Services Limited (PSEL 33.65 points) were the top points contributors.

The pharmaceutical sector gained 3.97% in its cumulative market capitalization. GlaxoSmithKline (GLAXO 3.63%), Abbot Laboratories (ABOT 5.74%), Searle Company (SEARL 4.35%) and Wyeth Pakistan (WYETH 7.50% points) all closed on a positive note.