KARACHI: Bulls returned to regain control at the stock market on Tuesday, as the Pakistan Stock Exchange (PSX) rebounded and closed on a positive note.
The benchmark KSE-100 index witnessed an increase of 652.40 points, an increase of 2.13 percent and closed at 31,231.55 points. The bourse regained the 31,000 points level before trading was suspended. The total volume of shares were 142.653 million valued at Rs6.319 billion.
Meanwhile, the lower bench KSE 30 index also increased by 339.79 points (2.51%) and closed at 13,865.80 points. The total volume of scripts were 84.997 million. The total active stock remains MLCF (5.12%), Hascol (7.22%), FCCL (2.83%), KEL (1.09%), PIOC (6.98%), Unity (3.65%), DGKC (7.10%), PAEL (2.28%), and OGDC (5.43%).
There was increased investment in the cement sector as the prime minister announced massive incentives for the construction industry. This comes with concerns over a looming recession and the expectations that worst from the coronavirus crisis is yet to come.
The stock market witnessed an end of the bull-run on Monday as the bourse shed 1047 on the first day of the week. The rally over the preceding week which saw the market rise over 12.5 percent has baffled analysts as investors seek valued investments.
Renowned credit ratings agency Moodys has downgraded Pakistan’s economic rating, while the World Bank has warned of a recession and decline in economic growth. There has been a decline in global crude prices sending shares of the oil and gas exploration sector down.
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