Daily Times

Following an abysmal performance in the previous session, bulls staged a comeback at Pakistan Stock Exchange (PSX) on Tuesday, as benchmark KSE-100 index gained 856 points by the closing bell to clock at 44,404.70 level.

Tuesday’s strong performance followed series of trading sessions where Investors struggled to gain a firm foothold, ever since the benchmark KSE-100 index slipped from the recent high of 47,000 points, owing to rising Covid-19 infection cases that resulted in fresh rounds of lockdown.

On Tuesday, technology sector which took the major beating in the previous sessions, was the top performer, flowing PM Imran Khan’s intentions to promote the sector by giving several incentives in the outgoing year. The PM on Monday said the establishment of Special Technology Zones (STZs) would ensure promotion of information technology in the country and directed finalization of a time-line based strategy in this regard.

As per market analysts, the leveraged positions in the tech and refinery sectors may also have been squared, as it was driving major selling pressure in the previous sessions. Netsol Technology which continues to hit its lower circuit in the previous sessions, not only led the volume during the trading session, but also gained 6 per cent.

During the session, the benchmark KSE-100 Index registered its intra-day high at 44,478.24 after it gained 930.03 points.

The volume at Kse-100 slightly improved from 139.2 million shares recorded in the previous session to 157.97 million shares, while the all-share volume also increased from 302.8 million shares recorded in the previous session to 305. million shares.

Market Capital increased by Rs.135.16 billion, while total value traded also increased by 2.66 billion to Rs.16.08 billion.

The volume chart was led by TRG Pakistan Limited followed by Netsol technology and Unity Foods Limited. The scrips exchanged 20.65 million, 19.23 million and 16.5 million shares, respectively.

According to the National Clearing Company of Pakistan Limited (NCCPL) foreign investors were net sellers of $0.83 million worth of equities.

Among local investors, Brokers and Individuals led the selling chart and offloaded $1.01 million and $0.67 million worth of equities.

However, Mutual Funds and Companies led the buying chart and mopped up $1.6 million and $1.4 million worth of equities.

During the session, sectors which lifted the index were were Cement with 165 points, Technology & Communication with 137 points, Commercial Banks with 97 points, Oil & Gas Exploration Companies with 53 points and Power Generation & Distribution with 53 points. Among the scrips, the most points added to the index was by TRG Pakistan which contributed 103 points followed by Lucky Cement with 66 points, Hub Power Company with 41 points, Habib Bank Limited with 32 points and Systems Limited with 27 points.

However, the only sector which dented the index were let down by Miscellaneous with 1 point. Whereas among the scrips, the most points taken off the index was by Bank Al Falah limited which stripped the index of 4 points followed by EFU General Insurance Limited with 3 points, Askari Bank Limited with 2 points, Indus Motors with 2 points and Atlas Honda Limited with 1 point.