Bulls hold sway as PSX gains over 100 points

KSE-100 index closes at 41,350.43 points.
Index oscillated between red and green zones.
Shares of 352 companies were traded during the session.

KARACHI: The bulls maintained their grip on the Pakistan stock market for the third consecutive day as the benchmark KSE-100 index powered past the 41,500-point mark during intra-day trade on Tuesday.

Investors’ expectations about the quarterly corporate results and a strengthening rupee against the US dollar impacted activity at the bourse.

The KSE-100 index oscillated between red and green zones as companies in certain sectors announced financial results for the year quarter ended September 30, 2022.

Finance Minister Ishaq Dar’s constant claims regarding stabilising the dwindling economy of Pakistan along with providing relief to the masses rejuvenated investors' interest as they immediately rushed towards assuming fresh positions.

The benchmark KSE-100 index closed at 41,350.43 points with an increase of 138.73 points or 0.34%.

Benchmark KSE-100 index intra-day trading curve. — PSX data portal

A report from Topline Securities stated that the initial gains today were led by Hubco as the stocks continued their yesterday’s momentum over an exceptional dividend announcement of Rs15.5 per share.

Furthermore, investors' interest was seen in TRG Pakistan and Lucky Cement where both stocks cumulatively added 82 points.

“Worldcall Telecom notified the exchange regarding their progress over Fiber to the home programme where the company embarked on 2nd phase and to finance the next phase WorldCall Services Limited is concluding arrangements that would open access to quality capital markets outside Pakistan for the company,” the brokerage house noted.

It should be noted that WSL has selected (NASDAQ) for its listing, which led the stock to close at Rs0.52 per share.

Shares of 352 companies were traded during the session. At the close of trading, 161 scrips closed in the green, 165 in the red, and 26 remained unchanged.

Overall trading volumes rose to 593.43 million shares compared with Monday's tally of 185.36 million. The value of shares traded during the day was Rs9.35 billion.

Worldcall Telecom was the volume leader with 346.03 million shares traded, gaining Rs0.52 to close at Rs1.63. It was followed by Flying Cement with 30.37 million shares traded, gaining Re1 to close at Rs8.19 and K-Electric with 19.37 million shares losing Rs0.03 to close at Rs2.94.