PSX closes in green with modest gains on corporate results

KARACHI: The Pakistan Stock Exchange (PSX) closed positive but almost flat on Tuesday with modest gain of 46 points or (0.04%) or 118,430.35 levels amid on-going result season, analysts said.

“The benchmark 100 Index closed relatively flat, with market activity largely driven by the on-going result season. Trading volumes decreased to 354 million shares today as compared to 367 million shares in the previous session,” Ismail Iqbal Securities research stated. 

Assembler sectors were the major contributors in today’s session, cumulatively adding 497  points to the Index.

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“Investor sentiment was buoyed by corporate results announced during today’s session, although overall activity remained subdued due to caution trends in international markets,” Topline Securities research note stated.

“The profit taking ensued resulting in the market closing on a comparatively flatter note,” observed Pearl Securities note.

“The benchmark Index crossed 119,000 level in the morning when the market opened, followed by volatility and profit taking was seen in the market. However, on profit taking the market closed at the level of 118,430.35 level,” Shaheryar Butt of Darson Securities said.

Volumes were good, 740 million shares were traded in the market, healthy activity was seen in the panic stocks. BOP was volume leader with 116 million shares traded, Power Cement 67 million shares and PIBTL 58 million shares were traded.

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Index’s performance was largely supported by stocks such as FFC, ENGROH, HMB, AGP, and ATLH which collectively contributed 733 points.

Investor participation remained strong, with 740 million shares traded and total market turnover reaching Rs 30 billion, BOP emerged as volume leader, with 116 million shares exchanged.

In the last session, Pakistan Stock Exchange closed higher surging 1,067.08 points or (0.91%) closing at 118,383.38 amid speculations ahead of a major earnings announcement during the on-going week.