Daily Times

Bears lost ground to bulls on Tuesday at Pakistan Stock Exchange (PSX), as benchmark KSE-100 gained 370.84 points by the closing bell, to clock at 45,964.27 index level.

OnTuesday, investors followed international markets, as they staged a rebound from last week’s rout as concerns about rising bond yields subsided and investors turned their attention back to the improving economic outlook and improving vaccine rollouts.

Investors also reacted to prospects of release of funds on account of circular debt resolution, which prompted investors to take positions in energy chain, primarily in Oil &Gas Marketing Companies and power scrips. Buying activity was also witnessed in banking, steel, refinery and textile sectors.

Market sentiments were also buoyed by the news-flow indicating that OGRA is increasing the price of locally produced LPG by Rs.21.78 per cylinder of 11.8 kilograms to Rs. 1,884.92 for the month of March. The per Metric Ton LPG rate has been fixed at Rs159,738.70 for the month.PSO emerged as one of the top performers today after it posted volumetric growth of 58% YoY during the month Feb’21 contributed by strong FO sales (up by 1.9x YoY). Moreover, the company continued to grab the largest market share of 46% during the month.

However, investors continued to tread cautiously over rising political uncertainty owing to upcoming senate elections due to be held on March 3, as the government and the opposition alliance Pakistan Democratic Alliance (PDM) mounted last ditch efforts to gain maximum support and both are confident about their chances of victory. The market is keeping a close eye over the developments around the senate elections, as any political upset for the government in the senate elections will dampen the investors’ confidence.

During the session, the indexregistered its intraday high at 46,077.92 after gaining 484.49 points.

The volume at Kse-100 surged from 176.29 million shares recorded in the previous session to 203.65 million shares,while the all-share also jumped from 368.39million shares recorded in the previous session to 399.19 million shares,.

According to the National Clearing Company of Pakistan Limitedforeign investors were net sellers of worth $3.53 millionworth of equities.Among local investors, Brokers and companies led the selling chart, which offloaded $1.94 million, $1.82million worth of equities. Meanwhile, Banks and Individuals raked in $2.71 million and $2.7 million worth of equities.

Sectors that liftedthe index were Commercial Banks with 109 points, Technology & Communication with 65 points, Power Generation & Distribution with 56 points, Oil & Gas Marketing Companies with 53 points and Textile Composite with 29 points. Among the scrips, the most points added to the index was by TRG Pakistan which contributed 66 points followed by Hub Power Company with 32 points, Pakistan State Oil with 31 points, HabibBank Limited with 30 points and Bank Al FalahLimited with 27 points.

However, sectors that continued to weigh down the index were Cement with 29 points, Investment Banks with 14 points, Chemical with 4 points, Insurance with 2 points and Synthetic & Rayon with 2 points. Among the scrips, The most points taken off the index was by Lucky Cement which stripped the index of 28 points followed by Dawood Hercules Corporation Limitedwith 15 points, Engro Polymer & Chemicals Limited with 9 points, Pakistan Oilfields Limited with 9 points and Habib Metropolitan Bank Limited with 8 points.