Bulls return as KSE-100 breaks losing streak, gains 457 points

The KSE-100 Index broke a seven-session losing streak, gaining 457 points on Tuesday to finish near the 45,300 level as investors opted to cherry-pick shares across the board at the Pakistan Stock Exchange (PSX).

Both value and volume of shares saw an increase as the index broke the narrow range seen early on in the day. At close on Tuesday, the KSE-100 finished with an increase of 457.17 points or 1.02% to settle at 45,274.93.

Just a day ago, the index had dropped below the 45,000 level for the first time since May 5.

“The rally today can be attributed to expectations of a successful sixth and seventh review of the $6 billion IMF loan programme,” said Topline Securities in its post-market comment. “Media reports further suggested that finance minister Shaukat Tarin has also assured them of Pakistan’s commitment to the programme.”

Furthermore, technology and textile sectors also came into the limelight as the rupee touched 170 against the US dollar during intra-day trading in the inter-bank market.

On the results front, OGDC announced its FY21 EPS of 21.28 along with a cash dividend of Rs5/share while the stock closed at 83.39 (down 1.45%). PIOC also announced its FY21 EPS of 8.69.

Sectors driving the benchmark KSE-100 index north included technology and communication (156.52 points), refinery (40.42 points), and food and personal care products (35.68 points).

Volume on the all-share index increased from 301.39 million on Monday to 364.86 million on Tuesday. The value of shares traded also increased significantly during the session, amounting to Rs14.03 billion from Rs11.18 billion on Monday.

Telecard Limited was the volume leader with 35.84 million shares, followed by Byco Petroleum with 33.64 million shares, and WorldCall Limited with 22.14 million shares.

Shares of 556 companies were traded on Tuesday, of which 408 registered an increase, 127 recorded a fall, while 21 remained unchanged.