Pakistan Stock Exchange (PSX) witnessed a topsy-turvy trading session on Tuesday,as heavy selling pressure by Insurance Companies shadowed budget-approval optimism at the market. On Tuesday, the index began the session on a positive note right after the opening bell and crossed the 47,500-point mark briefly after gaining over 500 points. However, failing to sustain the momentum, the index reversed its trajectory and pared earlier gains to touch intra-day low of 46,986.47 level. The Index traded in a range of 522.35 points or 1.11 percent of previous close before settling at 47,137.77 level, posting at 135 points gain. Investors continued a value-hunting spree, cherry picking oversold stocks at attractive prices throughout the day. Irfan Saeed, Senior vice president, BMA Capital Management Limited, said that during the session, budget-approval optimism was primarily subsided owing to heavy selling pressure triggered by the Insurance Companies, which off-loaded over $11.4 million worth of equities in order to liquidate their positions to close their financial books ahead of fiscal year 2021 end. However, the index regained its ground partially ahead of the closing bell to close in the positive territory. During the session, the exploration and production sector saw heavy selling with a decline in stock prices below previous day’s closing levels. However, Technology, bank and steel sectors contributed positively to the market, especially TRG Pakistan which saw active buying in response to the corporate briefing held on Monday. During the session, the market capital increased by Rs.15.72 billion, while total value traded decreased by 1.69 billion to Rs.17.17 billion The volume at kse-100 clocked at 205.46 million shares, while the all share index recorded volume of about 580.7 million shares. At kse-100 the volume chart was led by Silk Bank Limited followed by Hascol Petroleum limited and WorldCall Telecom Limited. The scrips exchanged 69.19 million, 66.25 million and 55.69 million shares. As per the National Clearing Company of Pakistan limited (NCCPL) foreign investors were net sellers of worth $1.9 million worth of shares. Among local Individuals Insurance Companies and Mutual Funds led the selling chart, which offloaded $11.45million, $2.78 million worth of equities. However, Individuals, Companies, Banks and Brokers led the buying chart and mopped up about $8.65 million, $2.88 million and $3.5 million worth of equities. During the session, sectors which lifted the index were Technology & Communication with 89 points, Commercial Banks with 71 points, Food & Personal Care Products with 32 points, Cement with 22 points and Fertilizer with 17 points. Among the scrips, the most points added to the index was by TRG Pakistan which contributed 78 points followed by Habib Bank Limited with 30 points, ENGRO with 21 points, Unity Foods with 20 points and Meezan Bank Limited with 18 points. However, sectors which dented the index were Oil & Gas Exploration Companies with 93 points, Chemical with 33 points, Power Generation & Distribution with 26 points, Oil & Gas Marketing Companies with 6 points and Textile Composite with 5 points. Among the scrips, the most points taken off the index was by Pakistan Petroleum Limited which stripped the index of 40 points followed by Oil & Gas Development Company Limited with 38 points, Hub Power Company with 35 points, Colgate Pakistan with 29 points and Hascol petroleum Limited with 13 points.