The Pakistan Stock Exchange saw mixed activity on Tuesday, with rallies promptly followed by downward pressure as investors weighed rising global prices and sustained political turbulence.
“Pakistan Equities closed Tuesday little changed after range-bound and lackluster trading,” noted Elixir Sales in a research note circulated late Tuesday.
“The index was off to a promising start led by the E&P sector as crude prices witnessed further further gains overnight sparked by rising Saudi tensions,” noted Topline Securities. “WTI rose close to $1.7 per barrel, shooting over the $57 mark while Brent was trading at $64 per barrel and Arab Light at $61.7 per barrel.”
“Resultantly, the KSE-100 Index gained 232 points to an intraday high of 41,262 points, with Pakistan Petroleum surging past Rs200 per share,” the note continued. “However, reservation of a court verdict and subsequent media speculation that it may be announced at 3pm around the end of the session triggered some profit taking.”
The benchmark index closed with a 26-point gain at 41,057, up only 0.06pc, with volumes hovering around 53 million shares worth Rs4.9 billion.
The power generation and distribution sector led activity with 30.2m shares traded, followed by commercial banks (14.7m shares traded) and oil and gas marketing companies (12.2m shares traded).
Volumes were led by:
Japan Power: 26m shares traded; down 22.42pc
Sui Southern Gas: 7.8m shares traded; up 0.56pc
TRG Pak Ltd: 6.2m shares traded; up 0.16pc
Bank Al Falah: 5.29m shares traded; down 0.89pc
Pak Elektron: 4.6m shares traded; up 1.04pc