Stocks at PSX extend rally with 573-point gain

• Taking cue from global markets, investors opt to assume fresh positions.
• Further uptrend comes on the back of expectations that the circular debt issue will be resolved soon.
• Sectors contributing to the performance include exploration and production, technology and communications, cement, etc.

KARACHI: Bulls maintained their grip on the Pakistan Stock Exchange (PSX) on Tuesday as the benchmark KSE-100 index extended the rally with a 573-point surge.

Taking a cue from global markets, the investors opted to assume fresh positions. Further uptrend came on the back of expectations that the circular debt issue will be resolved soon, which sparked a buying spree in the oil and gas exploration sector, which closed in the green.

Today, at the close, the benchmark KSE-100 index surged by 572.72 points, or 1.32%, to close at 43,853.49 points.

Arif Habib Limited in its post-closing commentary noted that Tuesday was a positive day for KSE-100, as “the world has drifted towards good news of reduced risk of Omicron, which has helped the international commodities and equities to rally across the globe.”

The brokerage house reported that benchmark KSE-100 opened on a positive note and rallied more than 785 points during intraday as investors participated in exploration and production stocks amid the expected resolution of gas circular debt.

Sectors contributing to the performance included exploration and production (+115 points), technology and communications (+114 points), cement (+85 points), refinery (+27 points) and textile composite (+25 points).

Shares of 347 companies were traded during the session. At the close of trading, 247 scrips closed in the green, 82 in the red, and 18 remained unchanged.

Overall trading volumes soared to 229.4 million shares compared with Monday’s tally of 176.9 million. The value of shares traded during the day was Rs8.4 billion.

Telecard Limited was the volume leader with 27 million shares traded, gaining Rs0.79 to close at Rs14.70. It was followed by TPL Properties with 15.7 million shares traded, gaining Rs2.58 to close at Rs14.76, and Treet Corporation with 14.8 million shares traded, gaining Rs1.82 to close at Rs41.77.