Daily Times

Stocks continued to rally on the second day of the week as benchmark kse-100 gained 386.08 points to clock at 34,408-level on Tuesday, following recovery in global markets.

Index was lifted primarily by gains recorded in the banking sector stocks, ore over cement sector also showed some recovery but largely remained range bound. The banking sector added 4.41% in its cumulative market capitalization. As a result, Muslim Commercial Bank Limited gained 6.29%, Habib Bank Limited gained 3.90%, United Bank Limited added 7.49% and Standard Chartered Bank Pakistan Limited gaining 5.45%.

The KSE-100 Index remained in the green zone throughout the day, registering its intraday high at 34,525.27 after gaining 503.30 points, and touched an intra day low of 34,021.97 points.

Among other indices, the KMI-30 added 75.54 points to end at 53,305.61, while the KSE All Share Index gathered 202.02 points, closing at 24,668.28. Of the total traded shares, 153 advanced and 147 declined. The overall market volumes increased from 198.1 million shares in the previous session to 220.6 million shares (+11pc).

The volume chart was led by Pak Elektron Limited, followed by TRG Pakistan Limited and Hascol Petroleum Limited , exchanging 14.22 million, 12.57 million and 12.35 million shares, respectively.

Sectors that propped up the index were Commercial Banks with 328 points, followed by Oil & Gas Exploration Companies with 37 points, Automobile Parts & Accessories with 13 points, Technology & Communication with 13 points and Automobile Assembler with 11 points. Among the scrips, most points added to the index were by Muslim Commercial Banks which contributed 88 points followed by United Banks Limited with 81 points, Habib Bank Limited with 62 points, Bank Alfalah Limited with 34 points and Pakistan Oilfields Limited with 29 points.

However, sectors that added pressure on the index included Fertilizer with losing 22 points, followed by Pharmaceuticals losing 18 points, Investment Banks losing13 points, Oil & Gas Marketing Companies losing 3 points and Power Generation & Distribution losing 3 points.

Global Markets

Global stocks advanced on Tuesday over hopes of revival of economic activity as most of the countries lift covid-19 lockdown restrictions partially or completely.

In Asia, Japan stocks led the gains after picking up Nikkei 225 by 1.19% to close at 22,325.61 as shares of index heavyweight and conglomerate Softbank Group surged 3.33%. South Korea’s Kospi index also added gains to close higher by 1.07% at 2,087.19. Hong Kong’s Hang Seng index also witnessed gains, rising 1.11%, as of its final hour of trading. While, Chinese stocks bumped higher on the day, as Shanghai composite clocked 0.20% higher at 2,921.40.

In Europe, hopes for a global recovery continued to drive market sentiments. In Germany, benchmark DAX extended gains by 3.65% while French CAC-40 edged higher by 2.12%. UK’s FTSE-100 also gained 0.93%. European benchmarks were picked up by Auto stocks which jumped by 4.3% , however the pressure was mounted by health care stocks which ended in negative territory. European blue chip index, pharmaceutical and biotechnology companies Sartorius and Biomerieux both fell 5%.

In United States, wall street also witnessed gains after stocks rallied on the second trading session of the week. Investors shunned rising civil unrest around the country and focused on the reopening of the economy from the coronavirus pandemic. The Dow Jones Industrial Average traded 200 points higher, or 0.8%, while the broader S&P 500 advanced 0.4%. The Nasdaq Composite rose 0.2%. Easing lockdowns picked up airlines stocks which led American Airlines, United Airlines and Southwest all to add over 3%. Department store Retail chain Gap and Kohl’s shares also gained 2.7% and 1.9%, respectively.