PSX-continues-bullish-trend-gains-827-points-e1576187826235Stocks at Pakistan Stock Exchange (PSX) staged sharp recovery on Tuesday, as selling pressure finally ended, owing to positive economic indicators. On Tuesday, the benchmark KSE-100 opened on a positive note and touched intra-day low at 44,620.41 level after gaining over 540 points. However, the index clocked at 44,563.59 level by the closing bell after posting a 487 points gain. During the session, investor sentiments were primarily buoyed by a 57%YoY improvement in local oil sales to 1.67 MTs in the month of April which shows an uptick in overall economic activity despite virus spread. Investors’ sentiments were also lifted after Finance Minister, Shaukat Tarin stated that a policy has been prepared to shift from stabilization mode to economic growth and there might be some renegotiation with IMF over a delay in an increase in power tariff. Moreover, the market showed optimism, as KSE-100 profitability on a year-on-year basis posted a record increase, primarily led by Fertilizers, Cement, Banks and Chemicals which rounded out the top five spots in the ranking of most profitable sectors. The top 94 Pakistani companies listed in KSE-100 Index posted the highest quarterly net income of PKR 243bn, surging by 82% YoY in the 1QCY21/3QFY21 ended March 31, 2021, a brokerage house, Topline Securities reported. During the session Market Capital increased by Rs.35.09 billion, while total value traded decreased by 1.23 billion to Rs.10.09 billion. The volume at KSE-100 receded from 125.27 million shares recorded in the previous session to 108.32 million shares, whereas the all-share volume also declined from 238.44 million shares from the previous session to 221.5 million shares. The volume chart was led by Unity Foods, followed by Telecard Limited and Ghani Global Limited. The scrips exchanged 33.87 million, 26.29 million and 23.14 million shares, respectively. According to the National Clearing Company of Pakistan Limited (NCCPL) foreign investors were net sellers of $0.24 million worth of equities. Among local investors, Companies and Banks led the selling chart, which off-loaded $1.8 million, and $1.3 million worth of equities. However, Brokers and other organizations led the buying chart and mopped up $1.9 million and $1.3 million worth of equities. During the session, sectors which lifted the index were Technology & Communication with 127 points, Commercial Banks with 84 points, Fertilizer with 61 points, Cement with 43 points and Food & Personal Care Products with 27 points. Among the scrips, the most points added to the index were by TRG Pakistan which contributed 116 points followed by Lucky Cement with 38 points, Habib Bank Limited with 32 points, UNITY with 31 points and Muslim Commercial Bank with 23 points. However, the sectors which dented the index were Tobacco with 26 points, Transport with 2 points and Glass & Ceramics with 1 point. Among the scrips, the most points taken off the index was by Pak Tobacco which stripped the index of 26 points followed by Kohinoor Textiles Mills Limited with 8 points, NESTLE with 6 points, ICI Pakistan Limited with 5 points and DG Khan Cement with 3 points.