Bulls toss KSE-100 index over 45,000-point mark after one-month hiatus

• Investors’ anxiety over the supplementary finance bill largely subsides and they take fresh positions.
• Benchmark KSE-100 index rises to 323.44 points to close at 45,390.84 points.
• Shares of 376 companies were traded during the session.

KARACHI: The Pakistan Stock Exchange (PSX) extended its bull-run on Tuesday and jumped over 300 points as the market participants cherry-picked stocks, which had dropped to attractive valuations due to persistent selling pressure over the last few weeks.

Investors’ anxiety over the supplementary finance bill, which was to be presented in the Senate today, largely subsided and they took fresh positions.

Following an initial spike, the KSE-100 index climbed steadily since the start of the bullish investor spirit prevailed and supported the market in its close above 45,000 points.

At close, the benchmark KSE-100 index rose 323.44 points, or 1.55%, to close at 45,390.84 points.

A report from Topline Securities noted that Pakistan equities continued the positive momentum for a second consecutive day in 2022.

“After a slight positive opening, the market remained positive throughout the day and touched an intra-day high of 519 points as investors cheered the statement from Finance Minister Shaukat Tarin that a delay of two to four days in the approval of Finance (Supplementary) Bill, 2021 would not be an issue for the International Monetary Fund (IMF) programme,” it said.

Shares of 376 companies were traded during the session. At the close of trading, 266 scrips closed in the green, 86 in the red, and 24 remained unchanged.

Overall trading volumes rose to 375.98 million shares compared with Monday’s tally of 195.16 million. The value of shares traded during the day was Rs12.78 billion.

Unity Foods was the volume leader with 25.71 million shares traded, gaining Rs0.49 to close at Rs1.48. It was followed by TRG Pakistan with 23.01 million shares traded, gaining Rs5.07 to close at Rs123.39, and  WorldCall Telecom Limited with 22.05 million shares traded, gaining Rs0.10 to close at Rs2.17.