Index fails to sustain gains above 50,000 level

KARACHI: The stock market for a brief moment saw the KSE-100 index break the psychological barrier of 50,000 points in trading on Tuesday.

Index fails to sustain gains above 50,000 level

Index fails to sustain gains above 50,000 level

The market, however, remained in grip of volatility as nervous investors continued to engage in alternative bouts of buying and selling, which saw the index move between the intra-day high by 181 points and low by 247 points. The index managed to add 92.74 points (0.19 per cent) to close at new all-time high 49,968.92.

A total of 43 stocks closed on their respective upper circuits. Pakistan State Oil rallied and also closed at its upper limit, adding 20 points to the index, on the back of healthy profit expectations.

Investor interest was seen in the cement sector which gained 0.34pc over the previous day close with DGKC adding 2.11pc and FCCL 1.44pc. Fertiliser sector extended its previous day gain as FFBL was up 0.40pc. “Profit-taking was witnessed in HCAR which fell 3.49pc as sceptical investors booked profits a day before the automobile assembler’s 3Q financial result announcement,” analysts at JS Global said.

Pharmaceuticals, OMCs and E&P along with select companies from power, fertilisers and cements took charge on Tuesday despite autos, textile, multi-utilities, steel and refineries dragging the index down. Additional support came from BAFL up 5pc, DAWH 2.55pc, DGKC 2.11pc, PAEL 4.75pc and POL 1.66pc.

Analysts at Intermarket Securities stated that the autos staged a retreat amid presumably stronger yen underpinned by a weaker dollar. Subsequently, PSMC fell 4.07pc, HCAR 3.49pc, INDU 0.85pc, GHNI 0.12pc, GHNL 1.10pc and MTL 3.50pc.

Traders with positions in steel stocks resorted to booking gains as Mughal Steel down 1.79pc, ASTL 2.15pc, ISL 5pc and INIL 5pc.

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