Daily Stock Report: Market Recovers and Gains 523 Points After Panama Judgement

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The KSE-100 Index opened positive after the opening bell, gaining 600 points in intra-day trading, however, the later session saw a remarkable buying spree as the index shot up and closed in the green with more gain.

At close on Tuesday, the benchmark KSE 100-share Index recorded a rise of 522.98 points or 1.14%, to finish at 46,533.43.

Pakistan’s stock market seems to be responding positively to the ousting of Nawaz Sharif from PM office. Not only did it recover from its steep intra-day losses last Friday when the judgment was announced, it continued its gains yesterday as well.

The market observed a bullish momentum throughout the day, with the initial impetus provided by the oil sector.

Overall, trading volumes fell to 256 million shares compared with Monday’s tally of 316 million shares.

Shares of 377 companies were traded. At the end of the day, 250 stocks closed higher and 111 declined while 11 remained unchanged. In KSE 100, 108 million shares were traded with a net worth of Rs13.75 billion.

ENGINEERING was the top traded sector with total traded volume of 39,716,800 shares. It was followed by TEXTILE COMPOSITE with a total traded volume of 29,671,940 shares and CHEMICAL sector with a total traded volume of 24,059,510.

Azgard Nine was the volume leader with 21.85 million shares, gaining Rs 0.01 to close at Rs 15.12. It was followed by TRG PAK LTD with 16.30 million shares, gaining Rs 1.90 to close at Rs 43.72, Aisha Steel Mill with 15.57 million shares, gaining Rs 1.02 to close at Rs 21.49 and Lotte Chemical with 14.46 million shares, gaining Rs 0.67 to close at Rs 11.10

Top advancers of the market were:

Top decliners of the market were:

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US oil opened above $50 per barrel for the first time since late May on Tuesday, supported by strong fuel demand, but ongoing high supplies from producer club OPEC kept prices from rising further.

US West Texas Intermediate (WTI) crude futures were at $50.26 per barrel at, up 9 cents, or 0.2 percent, from their last close and now is currently being traded at $49.91. That marks the first time US crude has opened above $50 per barrel since May 25.

Brent crude futures, the international benchmark for oil prices, were trading up 6 cents, or 0.1 percent, at $52.78 per barrel.

Originally Published on ProPakistani.com

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