Daily Times

KARACHI: Pakistan shares witnessed an impressive session on Tuesday as the benchmark KSE-100 index gained 773.46 points or 1.51 percent, to retest at the 52,146.97 level.

Market opened positive and gained steadily from the word go as index names particularly MSCI EM constituents carried momentum and pushed benchmark KSE100 index above 52,000 by day’s close.

On the sector front, banks added 234 points, fertilizer 119 points and E&P’s 117 points to the index gain.

With only six sessions left till MSCI EM-index inclusion, SECP has introduced a post close trading session to accommodate expected hike in trading activity. The post close session would be similar to after hours trading in developed markets, except that securities would be traded at a fixed price i.e. their respective closing prices after regular market hours, analysts at Topline Securities said.

On Tuesday Oil & Gas Dev OGDC, MCB Bank, Habib Bank and United Bank UBL contributed most to day’s gains. Most activity remain focused in small and mid caps as paltry approximately 110 million shares exchanged hands on benchmark KSE100 Index, Ali Raza, equity analysts at Elixir Securities said.

Sazgar Engineering Works hit upper price limit after company notified investors of signing a MoU with a foreign automobile manufacturer for their planned four-wheeler and LCV business.

Market participation improved with volumes rising 35 percent to 324 million shares while traded value surged 56 percent to Rs20 billion/$187 million.

On volume chart the Lotte Chemical topped with 40 million shares traded followed by TRG Pak 12 million, Chakwal Spinning 11 million, Dewan Motors 9 million, and K-Electric 9 million shares traded at the bourse.

Shares of 417 companies were traded, of which 273 gained, 132 declined and 12 remained unchanged.

Analysts expect MSCI upgrade related excitement to continue in Index names however volatility from here on will likely be higher as MSCI transition and Federal Budget days comes closer.