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Bulls return to bourse, index gains 70 points

KARACHI: Pakistan’s stock market (today) on Tuesday experienced a volatile session owing to nationwide protests that hurt investor confidence in equities and capped gains.

Stock trading kicked off with a dip, however, the market managed to erase the losses and enter the positive territory in the early hours.

As a result, the benchmark KSE-100 index gained just 71 points. At close, the benchmark KSE-100 index recorded an increase of 70.52 points, or 0.16%, to settle at 45,048.57 points. Banking sector stocks inched up with a particular interest in UBL, especially by the end of the session.

Technology stocks experienced a see-saw movement, among which NetSol rebounded and hit its upper circuit, whereas TRG Pakistan (which rose to its upper circuit on Monday) came under selling pressure and traded below the previous day’s closing price.

Among small-caps, Ghani Global Holdings, Ghani Global Glass Limited, Hum Network and Telecard Limited were in the limelight.

First National Equities topped the volumes with trading in 106.5 million shares, followed by Unity Foods (29.8 million) and Byco (28.5 million), the report said. JS Global analyst Danish Ladhani said that KSE-100 closed at 45,048 with a gain of +71 points.

During the session, the index traded between intra-day high and low of +155 and -198 points. Volatility prevailed in the market amid profit-taking by investors.

Overall trading volumes fell to 473.4 million shares compared with Monday’s tally of 503.5 million. The value of shares traded during the day was Rs18.5 billion.