PSX closes in green, tracks Asian markets despite late profit-taking

KARACHI: Pakistan Stock Exchange (PSX) closed in green on Tuesday, in line with regional markets amid profit taking in the later half of the session.

The bourse gained 385 points or (0.33%) closing at 116,775.50 level in the second session of the week. 

“The benchmark 100 Index closed in green, reflecting the regional Asian markets. However, momentum tapered off in the later half of the session as profit taking emerged, trimming earlier gains,” said Ismail Iqbal Securities note.

The trading volumes decreased to 215 million shares today as compared to 274 million shares in the previous session.

The positive momentum was supported by stability in global markets and the onset of the corporate results season, prompting investors to take fresh positions, Topline Securities noted. 

The KSE-100 Index opened on a positive note, hitting an intraday high of 117,362 points amid strong investor sentiment driven by record-high remittances and optimistic signals from the Central Bank on forex reserves and external financing.

Additionally, hopes of a Fitch credit rating upgrade from CCC+ to BBB also lifted the confidence in the final hours of the session, Al Habib Capital Markets Research note said.

“Looking forward, we expect the benchmark KSE-100 Index to move both ways, and we suggest investors adopt the Buy on Dip” strategy in upcoming sessions,” said Pearl Securities Research note.

Gains were largely driven by Index movers including ENGROH, LUCK, OGDC, TRG, and PSO, which collectively added 325 points to the Index.

Intraday trade: PKR gains 17 paisa against USD

Trading activity remained robust, with 475 million shares changing hands and total market turnover reaching Rs 30 billion. CNERGY led the volumes, with 32 million shares traded.

In the last session, PSX had gained over 1,536.70 points or (1.34%) closing at 116,390 level.